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4.—(1) Subject to paragraph (2), the reference day for a scheme is the last day of the scheme year which ended before the beginning of the previous financial year.
(2) If the scheme—
(a)is established too late to have such a scheme year, or
(b)has only one member on the day that is a reference day under paragraph (1),
the reference day is the date on which the scheme becomes a registrable scheme.
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