Regulation 3

Subject to paragraph (2), for the purposes of section 37(4) of the Act, the premium year in respect of the levies payable by PPF Scheme members is the period beginning on 1st April of any year and ending on 31st March of the following year.

Where the effective date appointed under section 46(5) of the Act is after 1st April 2011, the first premium year for the purposes of section 37(4) of the Act shall be the period beginning on the effective date and ending on 31st March of the following year.