Both parts give up half the clearance. The tab is drawn a kerf wider than the shared width, less half the clearance; the slot a kerf narrower, plus half. Cut, the tab loses its kerf and the slot gains one, and what's left between them is exactly the clearance you asked for.
The sheet's own faces don't move. A slot that takes the sheet itself, a box side or a T-joint, only has the slot's cut edges to compensate. All of the clearance goes on the slot: thickness, minus kerf, plus clearance.
The gap counts one cut more than the strips. Ten strips in a frame are opened by eleven cut lines, because the frame's two inside edges are cuts too. Divide the gap by ten and the kerf reads ten percent high. Many kerf calculators get this one wrong.