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Chapter Section B Deduction to be applied to the monthly rate, in accordance with regulation 3(4)(b)

Original text. Later amendments are not shown.

The deduction to be applied to the monthly rate (“MR”), in accordance with regulation 3(4)(b), is calculated using the formula—

D = (E ÷ M3) × N

where—

  • D is the amount by which the MR is to be reduced for the remainder of the period, after the effective date of the earlier refund;

  • N has the same meaning as in regulation 3(1)(d);

  • E is the earlier refund;

  • M3 is the number of complete months which were taken into account, under regulation 4 of the principal Regulations (as they had effect before the coming into force of these Regulations) for the purposes of calculating E.

  • In the case of multiple earlier refunds, an additional deduction, calculated with the same formula, is to be made to MR, for each period beginning on the effective date of each earlier refund and ending on the last day of the relevant fee period.