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Regulation 4 The computation condition

Original text. Later amendments are not shown.

(1)

Rights are valued in accordance with the computation condition if the value of the rights surrendered—

(a)

is determined in accordance with section 212 (valuation of uncrystallised rights) on the date of the surrender, and

(b)

as so determined, is equal to the relevant excess.

(2)

If rights are surrendered on more than one occasion, the value of the rights surrendered—

(a)

is to be determined separately for each surrender, and

(b)

is the aggregate of the values as so determined.