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Regulation 66 Provision for impairments

Original text. Later amendments are not shown.

(1)

The scheme administrator must, for each assessment year, determine the percentage of (A+B), and of F, which is to be added to those amounts as provision for impairments.

(2)

In these Regulations, an “impairment” means a fee or part of a fee charged to a liable producer which the scheme administrator is unable to recover, due to the producer’s insolvency or any other reason.

(3)

The scheme administrator must make the determination under paragraph (1) in accordance with IFRS Accounting Standardsf1.

(4)

The scheme administrator must calculate, for each liable producer—

(a)

the amount (“C”) to be included in the liable producer’s disposal fee for the assessment year as a provision for impairments, where C is equal to the relevant percentage of (A+B);

(b)

the amount (“G”) to be included in the liable producer’s administration fee for the relevant year as a provision for impairments, where G is equal to the relevant percentage of F.

(5)

In this regulation—

  • “(A+B)” means the sum of A and B, where “A” and “B” have the meanings given in regulation 61;

  • “F” has the meaning given in regulation 65(3);

  • “the relevant percentage” means the percentage determined by the scheme administrator under paragraph (1) for the assessment year.

Annotations

Footnotes

f1

IFRS Accounting Standards are published by the International Accounting Standards Board. They are available to view at https://www.ifrs.org/issued-standards/list-of-standards/ (registration for a free account is required). Hard copies can be purchased online at https:shop.ifrs.org.