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Regulation 3 Interpretation

Original text. Later amendments are not shown.

(1)

For the purposes of these Regulations—

(a)

in the case of an employer which is—

(i)

not trading for profit; or

(ii)

a charity,

any reference to “profits” in these Regulations shall be read as if it referred to “net income”;

(b)

the value of the resources of the employer may be a negative number.

(2)

In this regulation, “net income” means income after the deduction of expenditure.