The Fossil Fuel Levy Regulations 1990

Regulation 2(3)

SCHEDULE 1

Interpretation of Schedules 2 and 3

In this Schedule and in Schedules 2 and 3–

• “estimated”, in relation to any amount, cost, quantity or value, means estimated by the Director on the basis of information furnished to him pursuant to these Regulations;

• “leviable unit” means a unit of leviable electricity;

• “LIBOR”, in relation to any particular day means the rate per centum per annum which is the arithmetic mean (rounded if necessary to the nearest whole multiple of one sixteenth of one per centum, with any odd thirty-second being rounded upwards) of the offered quotations (expressed as percentages) for deposits in sterling for a three month period which appear on the Reuters display screen page entitled LIBP (or such other page as may replace that page from time to time in that system) at or about 11.00 a.m. London time on that day excluding, if there are more than three such quotations, the highest and lowest of them (or, if there are more than one highest or lowest quotation, excluding only one of them) or, if that page is not available, or if fewer than three quotations are available at that time on that page, the arithmetic mean (rounded if necessary to the nearest whole multiple of one sixteenth of one per centum, with any odd thirty-second being rounded upwards) of the respective rates notified to the Director by any three United Kingdom clearing banks selected by the Director as the rate at which each such bank is offered deposits for three months for a sterling amount of £25 million by prime banks in the London Interbank Market at or about 11.00 a.m. London time on that day;

• “y” means, as the case may be, either the initial period of 12 months ending on 31st March 1991 or that one of the successive periods of 12 months following that initial period in which the qualifying month falls;

• “y – 1” means the period of 12 months immediately preceding period y and “y – 2” means that period of 12 months immediately preceding period y – 1 except, in each case, where that period falls wholly or partly before 1st April 1990 when any symbol with this subscript shall have the value zero.