The Ports (Levy on Disposals of Land, etc.) Order (Northern Ireland) 1997

Leases — adjustment of levy

22.—(1) Where the market value of a lease is required to be redetermined pursuant to Article 20(1) or (2) or Article 21(1) or (2) or a gain is required to be recomputed under Article 24(2), details of the redetermination or recomputation shall be furnished by the chargeable company to the Department together with the disposal statement for the disposal period in which the event giving rise to the redetermination or recomputation took place.

(2) Where, in consequence of a redetermination pursuant to Article 20 or 21, the market value of a lease is reduced or increased, the amount of the levy chargeable on the disposal constituted by the grant of the lease shall be recomputed and reduced or increased accordingly, and a sum equal to the amount of the reduction or increase shall—

(a) in the case of a reduction, be repaid to the chargeable company by the Department (if the levy has already been paid) or deducted from the amount of levy otherwise payable by the company (if the levy is still payable);

(b) in the case of an increase, be paid by the chargeable company to the Department;

in each case in accordance with this Article.

(3) Any sum to be repaid by the Department under paragraph (2)(a) shall be payable within 20 business days following receipt of the disposal statement for the disposal period in which the event which gives rise to the redetermination took place.

(4) Any sum to be paid to the Department under paragraph (2)(b) shall be payable within the period beginning with the date of the event which gives rise to the redetermination and ending with the next following quarter date.