{
  "url": "https://openlegislation.uk/fur-farming-compensation-scheme-england-order-2002/schedule-5/paragraph-7",
  "json_url": "https://openlegislation.uk/fur-farming-compensation-scheme-england-order-2002/schedule-5/paragraph-7.json",
  "legislation": "uksi/2002/221",
  "legislation_title": "Fur Farming (Compensation Scheme) (England) Order 2002",
  "legislation_url": "https://openlegislation.uk/fur-farming-compensation-scheme-england-order-2002",
  "path": "schedule/5/paragraph/7",
  "kind": "paragraph",
  "number": "7",
  "heading": "Calculation of average net trading profits",
  "text": "For the purposes of calculating P in paragraph 6 above—\n(a) subject to paragraph 8 to 10 below, the average net trading profits of an entitled applicant’s qualifying business shall be the amount produced by the formula T ÷ 5, where—\nT equals the total of the net trading profits of that qualifying business for each of the accounting periods comprising the reference period;\n(b) for each accounting period, the net trading profits of the qualifying business shall be the net trading profits of that business assessed in accordance with UK GAAP;\n(c) where, during an accounting period, a business carried on by an entitled applicant consisted partly of a qualifying business and partly of a non-qualifying business, the net trading profits of the qualifying business for that accounting period shall exclude any element of revenue or costs so far as it related to the non-qualifying business; and\n(d) where, in any accounting period, any revenue or costs related partly to a qualifying business and partly to a non-qualifying business, such revenue or costs shall be apportioned between the qualifying business and the non-qualifying business in accordance with—\n(i) UK GAAP; and\n(ii) accepted costing practice.",
  "extent": "E+W",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2002/221/schedule/5/paragraph/7",
    "retrieved_at": "2026-10-29T07:15:57.835823+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."
}