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Paragraph 2

Original text. Later amendments are not shown.

Subject to paragraph 3, the deductible amount in a case where section 11 of the 1992 Act applies is calculated by applying the following formula–

(C-U)×V×(1-Z)W=X

where–

  • C, U, V, W and X have the same meanings as in paragraph 1, and

  • Z is the appropriate percentage for the purposes of section 11(1) of the 1992 Act, expressed as a fraction, or, in a case to which subsection (2) of that section applies, twice the appropriate percentage, expressed as a fraction.