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Finance Act 2004

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This is the original version (as it was originally enacted).

Required amount

4“The required amount”, in relation to a period beginning with the date on which the loan is made and ending with the last day of a loan year, is—

Formula - (L plus TIP) divided by TLY multiplied by NLY

where—

  • L is the amount of the loan,

  • TIP is the total interest payable on the loan,

  • TLY is the total number of loan years, and

  • NLY is the number of loan years in the period.

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