112. Ofcom's statement of principles for ascertaining qualifying revenue for licensing of independent radio services.

It is the duty of Ofcom1 to draw up, and from time to time review, a statement setting out the principles to be followed in ascertaining the qualifying revenue2 for any accounting period of a licence holder3 for the purposes of any provision of Part III of the Broadcasting Act 19904. Such a statement may set out different principles for persons holding different kinds of licences5.