General
1 General
The input tax credit adjustment (“I”) in respect of a period of insurance is to be calculated:
if the employer is a category A employer for the purposes of the policy, in accordance with the following formula:
if the employer is a category B employer for the purposes of the policy, in accordance with the following formula:
where:
T is the basic tariff premium for the employer, calculated with respect to the period of insurance in accordance with Schedule 3 to this Order.
S is the experience adjustment factor for the employer determined with respect to the period of insurance in accordance with Schedule 4 to this Order.
E is the experience premium, if any, for the employer determined with respect to the period of insurance in accordance with Schedule 5 to this Order.
X is the excess surcharge factor for the employer determined with respect to the period of insurance in accordance with Schedule 6 to this Order.
Q is the premiums adjustment contribution, if any, for the employer.
B% is the percentage rate specified in Column 2 of the Table to this clause that corresponds to the range of input tax credit entitlement specified in Column 1 that contains the input tax credit entitlement for the employer.
Table
Column 1
Column 2
Input Tax Credit entitlement
Premium discount relative to 100% ITC
> 90%
Nil
> 80 ≤ 90%
0.6%
> 70 ≤ 80%
1.2%
> 60 ≤ 70%
1.8%
> 50 ≤ 60%
2.4%
> 40 ≤ 50%
3.0%
> 30 ≤ 40%
3.6%
> 20 ≤ 30%
4.2%
> 10 ≤ 20%
4.8%
> 0 ≤ 10%
5.4%
0%
6%
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.