You're implying common sense should be used to interpret a poorly drafted regulation.
e.g. "the average of the exchange rates "
If, in 2008, there were 2 exchange rates
2 to 1ukp 20 to 1ukp
then the 'average' would be 11 to 1 ukp.
if however, it was 2 to 1 ukp from January 1st to December 30th then a diurnal figure would be somewhat different.
That's without asking at what time on each day, what happens at weekends and bank holidays or, rather more seriously, what happens if those earnings only lasted for a month during a time of low exchange rates when the annual rates were high.
What they should have done was to have drafted it by reference to a recognised figure, such as the FT figure published annually; thereby taking all the fun out of it.
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