This regulation applies in relation to a relevant parish or a relevant chairman, as the case may be, and the relevant year.

Section 41(4) of the Act (issue of precepts by local precepting authorities) shall have effect as if the words “March in the financial year preceding that for which it is issued” were substituted by “October in the financial year for which it is issued”.

The reference in section 42(2) to section 41 shall have effect as if it were a reference to section 41 as modified by paragraph (2).

Regulation 3 of the Billing Authorities (Anticipation of Precepts) (Amendment) Regulations 19953 shall have effect as if the amount to be paid by the prospective billing authority to the relevant parish council or the relevant chairman which issued the precept were a sum equal to the amount of the precept issued (or last issued) by it.