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Paragraph 3

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

The net premium shall be a sum equal to 82½ per cent of the gross premium, except that—

(a)

in relation to an industrial assurance contract, where the said sum is not a multiple of one halfpenny, it shall be rounded off to the nearer halfpenny, or, if the said sum is a multiple of one half of one halfpenny, to the nearer penny; and

(b)

in relation to a collecting society contract, where the said sum is not a multiple of one penny, it shall be rounded off to the nearer penny, or, if the said sum is a multiple of one halfpenny, to the nearer even penny.