- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
12.—(1) “Gross monthly income” means the total sum of—
(a)the lower of—
(i)the gross amount that has been earned by the party in the month immediately preceding that in which the application for remission is made; or
(ii)the average of the gross amount that has been earned by the party in the three months immediately preceding that in which the application for remission is made, and
(b)the gross amount received by the party from any other source in the month immediately preceding that in which the application for remission is made, other than receipt of any excluded benefits.
(2) For the purposes of sub-paragraph (1), earnings from a trade, business or gainful occupation other than an occupation at a wage or salary are calculated as the lower of—
(a)the party’s net profits for the month preceding that in which the application for remission is made; or
(b)the average of the party’s net profits for the three months preceding that in which the application for remission is made.
(3) In sub-paragraph (2), “net profits” means the profits which have accrued to the party less all sums necessarily expended to earn those profits.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: