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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Regulations)

These Regulations amend the Trading Schemes (Exclusion) Regulations 1997.

Regulation 3(a) has been amended to apply the £50 limit on benefits to participants only in respect of horizontal recruitments by participant operating at the level immediately below that of the promoter or single participant operating in the UK.

Regulation 3(b) has been amended so that trading schemes in which participants or promoters who do not make taxable supplies in the UK are not registered for Value Added Tax can benefit from these Regulations.