Right Way Up, I can't find the figures but in JAR/CAA there isn't a requirement for actions to be started by V1. There is, as keithl says, an allowance for the decision making and lag in taking action calculated for a failure that occurs immediately before V1 i.e. one for which the start of the abort actions would neccessarily be after V1.
As many briefings go 'for a failure at or after V1 we will continue the takeoff..."
Glueball, do you take your hands off at your arbitrary V1-10 on a sim check?