{
  "url": "https://openlegislation.uk/draft-pensions-regulator-employer-resources-test-regulations-2021/regulation-3",
  "json_url": "https://openlegislation.uk/draft-pensions-regulator-employer-resources-test-regulations-2021/regulation-3.json",
  "legislation": "ukdsi/2021/9780348225204",
  "legislation_title": "The Pensions Regulator (Employer Resources Test) Regulations 2021",
  "legislation_url": "https://openlegislation.uk/draft-pensions-regulator-employer-resources-test-regulations-2021",
  "path": "regulation/3",
  "kind": "regulation",
  "number": "3",
  "heading": "Interpretation",
  "text": "(1) For the purposes of these Regulations—\n(a) in the case of an employer which is—\n(i) not trading for profit; or\n(ii) a charity,\nany reference to “profits” in these Regulations shall be read as if it referred to “net income”;\n(b) the value of the resources of the employer may be a negative number.\n(2) In this regulation, “net income” means income after the deduction of expenditure.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2021/9780348225204/regulation/3",
    "retrieved_at": "2026-10-30T14:46:52.943288+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."
}