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4.—(1) This Regulation has effect for adjusting in certain cases the net amount payable by way of premium after the deduction authorised under paragraph 5 of Schedule 4, and in those cases the amount treated as deducted and retained under that paragraph shall also be adjusted accordingly.
(2) In the case of—
(a)an industrial assurance contract, as defined in any Regulations made under paragraph 13 of Schedule 4, or
(b)a friendly society contract, as defined in any such Regulations, in respect of which the premiums do not (before any deduction under paragraph 5 of Schedule 4) exceed £4 every four weeks,
if the net amount payable is otherwise not a multiple of one new halfpenny it shall be adjusted and shall—
(i)where the premium is one to which a scheme adopted under Regulations made under paragraph 13 of Schedule 4 applies, be the amount payable in accordance with the scheme, and
(ii)in any other case be rounded to the nearer new halfpenny or, if it is a multiple of one half of one new halfpenny, to the nearer new penny.
(3) In the case of any insurance not included in paragraph (2)(a) or (b) above, if the net amount payable is otherwise not a multiple of one new penny it shall be rounded to the nearer new penny or, if it is a multiple of one new halfpenny, to the nearer even new penny.
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