# The Industrial Assurance (Life Assurance Premium Relief) Regulations 1977, Paragraph 3


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.

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Source: https://www.legislation.gov.uk/uksi/1977/1144/schedule/1/paragraph/3 (the official version)
Page: https://openlegislation.uk/industrial-assurance-life-assurance-premium-relief-regulations-1977/schedule-1/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.