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Regulation 3 Interpretation

Original text. Later amendments are not shown.

(1)

For the purposes of these Regulations—

(a)

in the case of an employer which is—

(i)

not trading for profit, or

(ii)

a charity,

any reference to “profits” in these Regulations shall be read as if it referred to “net income”;

(b)

the value of the resources of the employer may be a negative number.

(2)

In this regulation “net income” means income after the deduction of expenditure.