Determination of turnover for calculation of penalties
17.—(1) The turnover of an undertaking for the purposes of section 69(4) of the Act is the applicable turnover for the business year preceding the date on which the decision of the Commission is taken or, if figures are not available for that business year, the one immediately preceding it.
(2) Where in the application of paragraph (1), there is any period in respect of which there is no preceding business year, then the applicable turnover shall be the turnover for that period.
(3) In this regulation —
“applicable turnover” means the turnover of an undertaking for a business year determined in accordance with the Second Schedule, and where a business year does not equal 12 months, the applicable turnover shall be the amount which bears the same proportion to the applicable turnover during that business year as 12 months does to that period;
“business year” means a period of more than 6 months in respect of which an undertaking publishes accounts or, if no such accounts have been published for the period, prepares accounts.