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The Fur Farming (Compensation Scheme) (England) Order 2004

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This is the original version (as it was originally made).

Calculation of average net trading profits

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6.  For the purposes of calculating P in paragraph 5 —

(a)subject to paragraphs 7 to 9, the average net trading profits of an entitled applicant’s qualifying business shall be the amount produced by the formula T ÷ 5, where—

  • T equals the total of the net trading profits of that qualifying business for each of the accounting periods comprising the reference period;

(b)for each accounting period, the net trading profits of the qualifying business shall be the net trading profits of that business assessed in accordance with UK GAAP;

(c)where, during an accounting period, a business carried on by an entitled applicant consisted partly of a qualifying business and partly of a non-qualifying business, the net trading profits of the qualifying business for that accounting period shall exclude any element of revenue or costs so far as it related to the non-qualifying business; and

(d)where, in any accounting period, any revenue or costs related partly to a qualifying business and partly to a non-qualifying business, such revenue or costs shall be apportioned between the qualifying business and the non-qualifying business in accordance with—

(i)UK GAAP; and

(ii)accepted costing practice.

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