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The refund payable, in accordance with regulation 3(2), in respect of a relevant fee payment is calculated using the formula—
Where—
R1 is the refund due in accordance with regulation 3(2);
M1 is the number of complete months in the period starting on 1st April 2010 and ending on the last day of the relevant fee period; and
MR is the monthly rate, as defined in regulation 3(1)(d).
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