OpenLegislation

Paragraph 6

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

For the purposes of paragraph 5 above, the present value as at the relevant date—

(a)

of an amount to be paid on or before that date, is that amount; and

(b)

of an amount to be paid at a later date, is an amount found by the following formula—

A(1+ r100 )t

where

  • “A” is the amount of the payment to be made;

  • “r” is the rate per annum expressed as a percentage; and

  • “t” is the period beginning with the relevant date and ending with the date of payment of the amount expressed in years.