PART 5

ENFORCEMENT AND PENALTIES

Calculation of turnover of notified person's relevant business
24
1
The turnover of a notified person shall be calculated in conformity with accounting practices and principles which are generally accepted in the United Kingdom.
2
The turnover of a notified person shall be limited to the amounts derived by that person from the relevant business after deduction of sales rebates, value added tax and other taxes directly related to turnover.
3
When a notified person's relevant business consists of two or more undertakings that each prepare accounts then the turnover is to be calculated by adding together the turnover of each, save that no account shall be taken of any turnover resulting from the supply of goods or the provision of services between them.
4
Any aid ... granted by a public body to a notified person which relates to one of that person's ordinary activities is to be included in the calculation of turnover if the notified person is himself the recipient of the aid and if the aid is directly linked to the carrying out by that person of the relevant business.
5
In this regulation “aid” means a measure which—
a
fulfils the conditions set out in Article 1.1 of the Agreement on Subsidies and Countervailing Measures contained in Annex 1A to the WTO Agreement, and
b
is specific within the meaning of Article 2 of that Agreement, irrespective of whether the recipient deals in goods or services.
Words in reg. 24(4) omitted (31.12.2020) by virtue of The State Aid (Revocations and Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1470), reg. 1(2), Sch. 2 para. 16(2)(a) (with Sch. 3)
Reg. 24(5) inserted (31.12.2020) by The State Aid (Revocations and Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1470), reg. 1(2), Sch. 2 para. 16(2)(b) (with Sch. 3)