Paragraph 3 Specified income

In respect of a society to which section 37(2) or (3) of the 1992 Act does not apply, which is a registered society and which does not carry on reinsurance business and which, for the year ended 31st December 1995, was required under section 69 of the 1992 Act to prepare annual accounts in the form specified in section 70 of the 1992 Act and in the Accounts Regulations, the value of the specified income for that relevant year is the sum of the amounts required to be entered as income items 1.(a), 1.(b)(i) and 1.(c) in the income and expenditure account required to be prepared in accordance with Part I of Schedule 7 to the Accounts Regulations.