Determination of annual revenue
4.—(1)  For the purposes of paragraph 1(a) of Part 3 of the Second Schedule to the Act, where the party seeking relief is not a member of a group, the annual revenue of the party seeking relief is —
(a)in a case where —
(i)the period from the date of establishment of the party seeking relief to 31 March 2020 (both dates inclusive) is 12 months or more; and
(ii)the latest financial year of the party seeking relief that ended on or before 31 March 2020 is a period of 12 months,
the revenue of the party seeking relief (as described in the Schedule) for that financial year; and
(b)in any other case, determined in accordance with the formula
(2)  For the purposes of the formula in paragraph (1)(b) —
(a)L is —
(i)where —
(A)the period from the date of establishment of the party seeking relief to 31 March 2020 (both dates inclusive) is 12 months or more; and
(B)the latest financial year of the party seeking relief that ended on or before 31 March 2020 is a period of less than or more than 12 months,
the revenue of the party seeking relief (as described in the Schedule) for that financial year;
(ii)where —
(A)the period from the date of establishment of the party seeking relief to 31 March 2020 (both dates inclusive) is 12 months or more; and
(B)the party seeking relief does not have a financial year that ended on or before 31 March 2020,
the revenue of the party seeking relief (as described in the Schedule) for the period of revenue, being the period from the date of establishment of the party seeking relief to 31 March 2020 (both dates inclusive);
(iii)where the period from the date of establishment of the party seeking relief to 31 March 2020 (both dates inclusive) is one month or more but less than 12 months — the revenue of the party seeking relief (as described in the Schedule) for the period of revenue, being the period from the date of establishment of the party seeking relief to 31 March 2020 (both dates inclusive); and
(iv)where the date of establishment of the party seeking relief is after 1 March 2020 — the revenue of the party seeking relief (as described in the Schedule) for the period of revenue, being the period from the date of establishment of the party seeking relief to 31 December 2020 (both dates inclusive); and
(b)M is the number of days —
(i)where sub‑paragraph (a)(i) applies — in the latest financial year of the party seeking relief that ended on or before 31 March 2020; and
(ii)where sub‑paragraph (ii), (iii) or (iv) of sub‑paragraph (a) applies — in the period of revenue in sub‑paragraph (ii), (iii) or (iv) of sub‑paragraph (a), as the case may be.
(3)  For the purposes of paragraph 1(a) of Part 3 of the Second Schedule to the Act, where the party seeking relief is a member of a group, the annual revenue of the group is —
(a)in a case where —
(i)the period from the date of establishment to 31 March 2020 (both dates inclusive) of at least 2 members of the group is one month or more; and
(ii)the latest financial year of the group that ended on or before 31 March 2020 is a period of 12 months,
the annual revenue of the group for that financial year; and
(b)in any other case, determined in accordance with the formula
(4)  For the purposes of the formula in paragraph (3)(b) —
(a)N is —
(i)where —
(A)the period from the date of establishment to 31 March 2020 (both dates inclusive) of at least 2 members of the group, is one month or more; and
(B)the latest financial year of the group that ended on or before 31 March 2020 is a period of less than or more than 12 months,
the revenue of the group for that financial year;
(ii)where —
(A)the period from the date of establishment to 31 March 2020 (both dates inclusive) of at least 2 members of the group, is one month or more; and
(B)the group does not have a financial year that ended on or before 31 March 2020,
the revenue of the group for the period of revenue, being the period from the later of —
(C)the earliest date of establishment among the members of the group; or
(D)1 April 2019,
to 31 March 2020 (both dates inclusive); and
(iii)where the period from the date of establishment to 31 March 2020 (both dates inclusive) is —
(A)one month or more for only one member of the group; or
(B)less than one month for every member of the group,
the revenue of the group for the period of revenue, being the period from the later of —
(C)the earliest date of establishment among the members of the group; or
(D)1 January 2020,
to 31 December 2020 (both dates inclusive); and
(b)O is the number of days —
(i)where sub‑paragraph (a)(i) applies — in the latest financial year of the group that ended on or before 31 March 2020; and
(ii)where sub‑paragraph (ii) or (iii) of sub‑paragraph (a) applies — in the period of revenue in sub‑paragraph (ii) or (iii) of sub‑paragraph (a), as the case may be.
(5)  Where the party seeking relief is a member of a group formed after 30 November 2020, the annual revenue of the party seeking relief is determined in accordance with paragraph (1) as if the party seeking relief were not a member of a group.