5.—(1) The amount of the general levy payable for a financial year in respect of a scheme is calculated by reference to the number of the scheme's members on the reference day.
(2) The general rule is that the reference day for a scheme is the last day of the scheme year which ended before the beginning of the previous financial year.
(3) But if the scheme—
(a)is established too late to have such a scheme year; or
(b)has only one member on the day that is the reference day in accordance with paragraph (2),
the reference day is the date on which the scheme becomes a registrable scheme.