{
  "url": "https://openlegislation.uk/teachers-superannuation-scotland-regulations-1993/schedule-12/paragraph-1",
  "json_url": "https://openlegislation.uk/teachers-superannuation-scotland-regulations-1993/schedule-12/paragraph-1.json",
  "legislation": "uksi/1992/280",
  "legislation_title": "The Teachers' Superannuation (Scotland) Regulations 1993",
  "legislation_url": "https://openlegislation.uk/teachers-superannuation-scotland-regulations-1993",
  "path": "schedule/12/paragraph/1",
  "kind": "paragraph",
  "number": "1",
  "heading": null,
  "text": "(1) Subject to sub-paragraph (2) and paragraph 3(3), the notional interest to be credited to the account under regulation G2(4)(e) is the interest that would have accrued for the financial year–\n(a) from the notional investment that was referred to in regulation 79(3) of the 1977 Regulations; and\n(b) from the notional investments of annual balances that were calculated in accordance with regulation 79(2) of the 1977 Regulations; and\n(c) in any financial year beginning after 31st March 1992, from the assumed investments at the end of preceding financial years described in paragraph 2(4),\nand half the interest that would have accrued for the financial year from the assumed investment described in paragraph 2(3).\n(2) There is to be deducted from the gross amount of the notional interest an amount equal to the income tax that would have been payable if the notional and assumed investments had been held for the purposes of a retirement benefits scheme approved under Chapter I of Part XIV of the Taxes Act which was an exempt approved scheme within the meaning of that Chapter and which provided benefits comparable to those provided under these Regulations.\n(3) Any question arising under sub-paragraph (2) as to the extent to which income tax shall be deemed to be payable shall be determined by the Secretary of State and his decision shall be final.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [
    {
      "type": "amended",
      "affecting": "uksi/1997/676",
      "affecting_title": "The Teachers' Superannuation (Scotland) Amendment Regulations 1997"
    },
    {
      "type": "amended",
      "affecting": "uksi/1997/676",
      "affecting_title": "The Teachers' Superannuation (Scotland) Amendment Regulations 1997"
    },
    {
      "type": "subst",
      "affecting": "ssi/2003/423",
      "affecting_title": "The Teachers' Superannuation (Scotland) Amendment Regulations 2003"
    },
    {
      "type": "rev",
      "affecting": "ssi/2004/89",
      "affecting_title": "The Teachers' Superannuation (Scotland) Amendment Regulations 2004"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1992/280/schedule/12/paragraph/1",
    "retrieved_at": "2026-10-29T14:29:28.411067+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}