7. In regulation 24(1) (determination of net profit of self-employed earners),—
(a)for paragraph (8)(b)(i), substitute—
“(i)the excess of any value added tax paid by the relevant person in respect of taxable supplies made to him, over any such tax received by him in respect of taxable supplies made by him, calculated with reference to the assessment period;”; and
(b)from paragraph 11, omit the definition of “retirement annuity contract”.
Regulation 24(7) was amended by S.I. 1995/838.