The Family Credit (General) Amendment No. 4 Regulations 1988

Amendment of regulation 15 of the General Regulations

3.  In regulation 15 of the General Regulations (normal weekly earnings of self-employed earners)—

(a) in paragraph (1)—

(i) in sub-paragraph (a) at the beginning there shall be inserted the words “except where sub-paragraph (b) applies,”; and for the words “the claim is received” there shall be substituted the words “the date of claim falls”;

(ii) for sub-paragraph (b) there shall be substituted the following sub-paragraph—

“(b) where the claimant provides in respect of the employment a profit and loss account and, where appropriate, a trading account or a balance sheet or both, and the profit and loss account is in respect of a period of at least 6 months but not exceeding 15 months and that period terminates within the 12 months preceding the date of claim, over that period; or”;

(iii) in sub-paragraph (c) for the words “the claim is received” there shall be substituted the words “the date of claim falls”;

(b) after paragraph (1) there shall be inserted the following paragraph—

“(1A) in paragraph (1)(b)—

(a) “balance sheet” means a statement of the financial position of the employment disclosing its assets, liabilities and capital at the end of the period in question;

(b) “profit and loss account” means a financial statement showing the net profit or loss of the employment for the period in question; and

(c) “trading account” means a financial statement showing the revenue from sales, the cost of those sales and the gross profit arising during the period in question.”.