8(1)For subsection (2) of section 120 (penalties for failure by holder of additional radio services licence to comply with licence conditions or directions) there shall be substituted—U.K.
“(1A)The amount of a financial penalty imposed on a person in pursuance of subsection (1) shall not exceed 5 per cent. of the qualifying revenue for the licence holder’s last complete accounting period falling within the period for which his licence has been in force (“the relevant period”).
(1B)In relation to a person whose first complete accounting period falling within the relevant period has not ended when the penalty is imposed, subsection (1A) is to be construed as referring to 5 per cent. of the amount which OFCOM estimate to be the qualifying revenue for that accounting period.
(1C)Section 118(2) applies for determining or estimating qualifying revenue for the purposes of subsection (1A) or (1B) above.”
(2)This paragraph applies in relation to a failure to comply with a condition or direction only if it is one occurring after the commencement of this paragraph.
Commencement Information
I1Sch. 13 para. 8 in force at 29.12.2003 by S.I. 2003/3142, art. 3(1), Sch. 1 (with art. 11)