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6. In regulation 31 of the Housing Benefit Regulations (calculation of net profit of self-employed earners)—
(a)for the words “one-half of any qualifying premium payable” in each place where they occur there shall be substituted the words “one-half of the amount calculated in accordance with paragraph (12) in respect of any qualifying premium”;
(b)for paragraph (11) there shall be substituted the following paragraphs—
“(11) In this regulation—
“qualifying premium” means any premium which is payable periodically in respect of a retirement annuity contract or a personal pension scheme and is so payable on or after the date of claim;
“retirement annuity contract” means an annuity contract for the time being approved by the Board of Inland Revenue as having for its main object the provision of a life annuity in old age or the provision of an annuity for a partner or dependant and in respect of which relief from income tax may be given on any premium.
(12) The amount in respect of any qualifying premium shall be calculated by multiplying the daily amount of the qualifying premium by the number equal to the number of days in the assessment period; and for the purposes of this regulation the daily amount of the qualifying premium shall be determined—
(a)where the qualifying premium is payable monthly, by multiplying the amount of the qualifying premium by 12 and dividing the product by 365;
(b)in any other case, by dividing the amount of the qualifying premium by the number equal to the number of days in the period to which the qualifying premium relates.”.
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