32Turnover rent

32 Turnover rent (1) For a provision of a retail shop lease that relates to the determination of rent or a component of rent by reference to turnover, turnover does not include any of the following: (a) the amount of losses incurred in the resale or disposal of merchandise reasonably and properly purchased from customers as trade-ins in the usual course of business; (b) the amount of deposits and instalments received on account of lay-bys, hire purchase or credit sales that have been refunded to customers; (c) the amount of a refund on a transaction if the proceeds of the transaction have been included as part of turnover; (d) the amount of service, finance or interest charges payable to a financier in connection with provision of credit to customers (other than commissions on credit or store cards); (e) the price of merchandise exchanged between shops of the tenant if the exchange is made solely for the convenient operation of the business of the tenant and not for the purpose of concluding a sale made at or from the shop to which the lease relates; (f) the price of merchandise returns to shippers, wholesalers or manufacturers; (g) the proceeds of sale of the tenant's fixtures and fittings after their use in the conduct of business at or from the retail shop to which the lease relates; (h) the amount of discounts allowed to customers in the normal course of business; Business Tenancies (Fair Dealings) Act 2003 28 (i) the amount of uncollected credit accounts that are written off; (j) the net amount paid or payable by the tenant on account of a tax imposed at the point of retail sale or hire of goods or services; (k) the amount of delivery charges; (l) the amount received from the sale of lottery tickets and similar tickets (other than commission on those sales). (2) The lease is taken to provide for an underpayment or overpayment of rent (resulting from actual turnover differing from projected or presumed turnover) to be adjusted within one month after the tenant requests the landlord in writing for the adjustment and provides the landlord with information that the landlord may reasonably require to make the adjustment. (3) The tenant may make a request for an adjustment mentioned in subsection (2) only once in the first 12 months of the lease term and, after that, only at intervals of not less than 12 months following the first request for an adjustment under the lease. (4) Subsection (3) does not prevent the lease providing for, or the parties otherwise agreeing to, more frequent adjustments than are provided for by this section. (5) In this section: turnover includes gross takings, gross receipts, gross income and similar concepts.