70Transitional—premium support scheme administration payment for financial years starting on 1 July 2020 and 1 July 2021

70 Transitional—premium support scheme administration payment for financial years starting on 1 July 2020 and 1 July 2021

Payment for financial year starting on 1 July 2020 (1) For the purposes of working out the amount of a payment under Part 7 for the financial year starting on 1 July 2020, paragraph 62(1)(a) has effect as if the reference in that paragraph to subsidy or advance subsidy having been payable, or potentially being payable if application were made, to the insurer for a premium year were a reference to subsidy under the old scheme having been payable to the insurer for a premium period (within the meaning of the old scheme). Payment for financial year starting on 1 July 2021 (2) For the purposes of working out the amount of a payment under Part 7 for the financial year starting on 1 July 2021, paragraph 62(1)(a) has effect as if the reference in that paragraph to subsidy or advance subsidy having been payable, or potentially being payable if application were made, to the insurer for a premium year included a reference to subsidy under the old scheme having been payable under section 69 to the insurer for a premium period (within the meaning of the old scheme).