Net annual income
Article 8
1. The net annual income referred to in the formula laid down in Article 7 shall be calculated as the total annual income received by the non-sophisticated investor after deduction of associated costs and charges, social contributions and taxes. 2. For the purposes of paragraph 1, the total annual income shall be the sum of any labour income, any interests on bank deposits or other debt instruments, any dividend payments or any real estate income, whereby: (a) ‘labour income’ shall include wages, unemployment benefits and pension payments received by the non-sophisticated investor, with the exclusion of exceptional payments; (b) ‘interests on bank deposits or other debt instruments’ shall include payments on bank deposits or other debt instruments received by the non-sophisticated investor during the preceding calendar year, with the exclusion of exceptional payments; (c) ‘dividend payments’ shall include payments received by the prospective non-sophisticated investor by virtue of holding shares or units of a collective investment scheme or other equity instruments, with the exclusion of any capital gains realised by selling all or part of such holding; (d) ‘real estate income’ shall include any payment received in relation to the renting of real estate properties, with the exclusion of any capital gain realised by selling all or part of such real estate properties.