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The Reporting on Payment Practices and Performance (Amendment) Regulations 2024

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Amendment to the Reporting on Payment Practices and Performance Regulations 2017

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2.—(1) The Reporting on Payment Practices and Performance Regulations 2017(1) are amended as follows.

(2) In regulation 1 (citation and commencement), in paragraph (3), for “6th April 2024” substitute “6th April 2031”.

(3) In regulation 11 (review), in paragraph (1), for “6th April 2022” substitute “6th April 2029”.

(4) In the Schedule (information)—

(a)in paragraph 9, after sub-paragraph (b) insert—

“(c) the sum total of those payments which were made, where day 1 is the first day after the relevant day—

(i)within the period beginning on day 1 and ending with day 30;

(ii)within the period beginning on day 31 and ending with day 60;

(iii)on or after day 61.”;

(b)after paragraph 10, insert—

“10A.  In relation to the payments under qualifying contracts that fall due within the reporting period, a statement of the sum total of these payments which were not made within the payment period.

10B.  In relation to the payments under qualifying contracts that fall due within the reporting period, a statement of the percentage of these payments which were not made within the payment period as a result of a dispute.”;

(c)in paragraph 13, after the definition of “average” insert—

““finance provider” means a body corporate that—

(a)

lends money or provides credit in the course of a business,

(b)

arranges or facilitates the provision of debt or equity finance in the course of a business, or

(c)

provides, arranges or facilitates invoice discounting or factoring in the course of a business;

“invoiced sum” means a sum payable under an invoice;”;

(d)for paragraph 14, substitute—

“14.  For the purposes of this Schedule—

(a)a payment falls due on the last day of the payment period;

(b)subject to sub-paragraph (d), a payment is made—

(i)when it is received by the supplier, unless sub-paragraph (c) applies, or

(ii)where sub-paragraph (c) applies, when it is received by the finance provider from the qualifying company;

(c)this sub-paragraph applies if there is an arrangement under which—

(i)the supplier receives part payment of an invoiced sum from a finance provider before the end of the payment period; and

(ii)the qualifying company pays the invoiced sum to the finance provider;

(d)where there is any delay in the payment or any part of the payment being received for which the qualifying company is not responsible, the payment is deemed to have been made when it would have been received without that delay.”.

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