Resit

Hi I am a student in Queen Mary Univeristy and for one of my resits in the form of an essay, I read the due date wrong and handed in the assignment 23 hours late. I am aware that there is a 5% deduction on every 24 hours beyond the due date and I wanted to ask, since all resits are capped at 50%, does the 5% deduction take away from the capped score (50%) or does it take away from its original score which is then reformatted to the resit score.

Because my understanding is that let's say the original score for the late assignment is 70%, but due to a late submission, 5% will then be subtracted to said score and result in a 65% which will then be capped at 50% anyway so the mark will still be 50%. Or does it take away from the 50% capped mark resulting in a 45%?