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Paragraph 5 Assumptions as to deductions from to gross amount

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

(1)

It shall be assumed that the amounts described in paragraph 7 of Schedule 1 to these Regulations will be 1% of the amount described in sub-paragraph (2) below.

(2)

The amount referred to in sub-paragraph (1) above is the amount described in paragraph 2 of Schedule 1 to these Regulations (calculated in accordance with the provisions of paragraph 2 of this Schedule), less the deductions from that amount prescribed in paragraphs 3, 5 and 6 of Schedule 1 to these Regulations (calculated in accordance with the provisions of paragraph 3 of this Schedule).