# The Qualifications Wales (Monetary Penalties) (Determination of Turnover) Regulations 2019, Regulation 5: Applicable turnover


(1) For the purposes of regulation 4, the applicable turnover of an awarding body is the sum of—
(a) all amounts derived by the body from the provision of goods and services falling within the body’s ordinary activities in the United Kingdom; and
(b) all other amounts received by the body in the course of the body’s ordinary activities in the United Kingdom by way of gift, grant, subsidy or membership fee,
after deduction of trade discounts, value added tax and other taxes based on the amounts so derived or received.
(2) The amounts are to be calculated in conformity with generally accepted accounting principles in the United Kingdom.

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Source: https://www.legislation.gov.uk/wsi/2019/796/regulation/5 (the official version)
Page: https://openlegislation.uk/qualifications-wales-monetary-penalties-determination-of-turnover-regulations-2019/regulation-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.