Paragraph 4 Specified income

In respect of a registered branch which, for the year ended 31 December 1996, 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 year is the sum of the amounts entered as income item 1.(a), 1.(b)(i) and 1.(c) in the income and expenditure account prepared by the branch in accordance with Part 1 of Schedule 7 to the Accounts Regulations or which would be so entered were the branch required to prepare its income and expenditure account in accordance with that Part of that Schedule.