Paragraph 33 F1

For the purposes of this Part of this Schedule—

• “average” means the arithmetic mean;

• “finance provider” means a body corporate that—

  1. (a)

     lends money or provides credit in the course of a business,

  2. (b)

     arranges or facilitates the provision of debt or equity finance in the course of a business, or

  3. (c)

     provides, arranges or facilitates invoice discounting or factoring in the course of a business;

• “invoiced sum” means a sum payable under an invoice;

• “qualifying contract” has the meaning given in paragraph 32

• “payment period” means the period in which a company is contractually required to pay a sum;

• “relevant day” means the day on which a company receives an invoice or otherwise has notice of an amount for payment;

• “standard payment terms” means, in relation to a qualifying contract—

  1. (a)

     the standard terms relating to payment that the company uses, or

  2. (b)

     where the company does not use standard terms, the company’s most frequently used payment terms.