{
  "url": "https://openlegislation.uk/competition-act-1998-determination-of-turnover-for-penalties-regulations-2024/schedule/paragraph-2",
  "json_url": "https://openlegislation.uk/competition-act-1998-determination-of-turnover-for-penalties-regulations-2024/schedule/paragraph-2.json",
  "legislation": "uksi/2024/1235",
  "legislation_title": "The Competition Act 1998 (Determination of Turnover for Penalties) Regulations 2024",
  "legislation_url": "https://openlegislation.uk/competition-act-1998-determination-of-turnover-for-penalties-regulations-2024",
  "path": "schedule/paragraph/2",
  "kind": "paragraph",
  "number": "2",
  "heading": "Turnover of an undertaking",
  "text": "(1) The turnover of an undertaking is the sum of all amounts derived directly or indirectly by the undertaking from its sale of products and provision of services, after the deduction of sales rebates, value added tax and other taxes directly related to turnover.\n(2) Paragraphs 5 and 6 also apply to determine the turnover of an undertaking.\n(3) But where all or any of the activities of an undertaking are the activities of a credit institution, a financial institution or an insurance undertaking, paragraph 3 or (as the case may be) paragraph 4 applies instead of this paragraph to determine the turnover of the undertaking in respect of those activities.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2024/1235/schedule/paragraph/2",
    "retrieved_at": "2026-10-28T21:23:33.572028+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}