Regulation 3 Amendments to the principal Regulations

in paragraph (1) for the words from “accounting period” to the end there shall be substituted the words “of the accounting periods specified in paragraphs (2) to (5) (being accounting periods ending after the opening transitional date and before the closing transitional date) shall be reduced”;

for paragraph (5) there shall be substituted the following paragraph—

“(5)

The prescribed percentage is 7.5 per cent. for an accounting period ending after 31st December 1995 and before 1st January 1998.”