Regulation 108 Definitions for the purposes of regulations 106 and 107

In regulations 106 and 107—

• “adjusted overpayment” means an overpayment adjusted (if necessary) in accordance with regulation 107;

• “overpayment” means the difference, calculated in accordance with regulation 101, between the total net tax deducted from an employee’s emoluments during any year and the tax payable under an assessment for that year;

• “previous year” means, in relation to any year, the last year before that year for which any tax overpaid or remaining unpaid has been included in an adjustment made under regulation 101(4)(c) to the total net tax deducted for that year;

• “underpayment” means the excess, calculated in accordance with regulation 101, of the tax payable under an assessment for any year over the total net tax deducted from an employee’s emoluments during that year.