81Default calculation of individual liable demand

81 Default calculation of individual liable demand

81 Default calculation of individual liable demand

(1) In calculating a scheme participant’s individual liable demand for the Act, Schedule 4A, clause 89(5), the Scheme Regulator must apply the formula in the Act, Schedule 4A, clause 89(1).

(2) In determining a scheme participant’s liable acquisitions for the purpose of the formula, the Scheme Regulator may—

(a) base the assessment on the Scheme Regulator’s best estimate of the scheme participant’s liable acquisitions, verified by the Market Operator where possible, and

(b) take into account the other matters the Scheme Regulator considers appropriate.

(3) As soon as practicable after the calculation is made, the Scheme Regulator must give written notice of the calculation to the scheme participant.

(4) The calculation is taken to have been made on—

(a) 30 September in the year in which the relevant compliance period ends, or

(b) a later date specified by the Scheme Regulator in the notice of assessment given to the scheme participant.