1992 No. 697
The Levying Bodies (General) (Amendment) Regulations 1992
Made
Laid before Parliament
Coming into force
The Secretary of State for the Environment, in relation to England, and the Secretary of State for Wales in relation to Wales, in exercise of the powers conferred on them by sections 74(2) and (3)(f) and 143(2) of the Local Government Finance Act 19881, and of all other powers enabling them in that behalf, hereby make the following Regulations:
1
These Regulations may be cited as the Levying Bodies (General) (Amendment) Regulations 1992 and shall come into force on 2nd April 1992.
2
Regulation 10 of the Levying Bodies (General) Regulations 19902 shall be amended–
a
in paragraph (2), by the insertion before the words “base rate” of the word “highest” and by the substitution of the words “any of the reference banks” for the words from “the committee” to the end of the paragraph;
b
by the insertion after paragraph (2) of the following:
3
For the purposes of paragraph (2)–
a
the reference banks are the seven largest institutions–
i
authorised by the Bank of England under the Banking Act 19873; and
ii
incorporated in and carrying on a deposit-taking business within the United Kingdom,
which quote a base rate in sterling;
b
the size of an institution is to be determined by reference to its total consoli-dated gross assets denominated in sterling, as shown in its audited end-year accounts last published before the due date for payment.
4
In paragraph (3)(b), the reference to the consolidated gross assets of an institution is a reference to the gross assets of that institution together with any subsidiary (within the meaning of section 736 of the Companies Act 1985)4.
(This note is not part of the Regulations)