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185.—(1) The balance of contributions referred to in regulation 183(1) is—
where—
A is the total of the amounts specified in paragraph (2);
B is the total of the deductions specified in paragraph (3); and
C is the amount of tax chargeable on (A - B) under section 205 of FA 2004.
(2) The amounts are—
(a)all standard contributions and faster accrual contributions paid up to the date of receipt of the application for repayment, except any paid in respect of a period of pensionable service for which a short-service serious ill-health grant has been paid; and
(b)interest on those contributions from the first day of the financial year following that in which they were paid to the date of payment at 3% per year, compounded with yearly rests.
(3) The deductions are—
(a)the amount of any previous repayment under regulation 183; and
(b)if the scheme manager has paid a contributions equivalent premium, the amount recoverable by the scheme manager under sections 61 to 63 of PSA 1993.
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