{
  "url": "https://openlegislation.uk/competition-act-1998-determination-of-turnover-for-penalties-regulations-2024/schedule/paragraph-3",
  "json_url": "https://openlegislation.uk/competition-act-1998-determination-of-turnover-for-penalties-regulations-2024/schedule/paragraph-3.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/3",
  "kind": "paragraph",
  "number": "3",
  "heading": "Turnover in respect of activities as a credit institution or financial institution",
  "text": "(1) The turnover of an undertaking in respect of its activities as a credit institution or financial institution is the sum of the following income items received by the undertaking, after the deduction of value added tax and other taxes directly related to those items—\n(a) interest income and similar income;\n(b) the following income from securities—\n(i) income from shares and other variable yield securities;\n(ii) income from participating interests;\n(iii) income from shares in affiliated undertakings;\n(c) commissions receivable;\n(d) net profit on financial operations;\n(e) other operating income.\n(2) Expressions used in sub-paragraph (1) have the meanings given by Council Directive (EEC) 86/635 of 8 December 1986 on the annual accounts and consolidated accounts of banks and other financial institutions.\n(3) Paragraphs 5 and 6 also apply to determine the turnover of an undertaking in respect of its activities as a credit institution or financial institution.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "OJ No. L372, 31.12.86, p.1, amended by Directives 2001/65/EC (OJ No. L 283, 27.10.01, p. 28), 2003/51/EC (OJ No. L178, 17.7. 03, p. 16), and 2006/46/EC (OJ No. L224, 16.8.06, p. 1)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2024/1235/schedule/paragraph/3",
    "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."
}