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9.—(1) The trustees or managers of each eligible scheme are liable to pay the initial levy to the Board in respect of the scheme for the initial period.
(2) The initial levy is payable on 6th April 2005.
(3) Paragraph (2) is subject to paragraphs (4) to (7).
(4) If the amount of the initial levy in respect of a scheme is not notified under section 181(3)(c) of the 2004 Act to the person liable to pay it before the day on which it would (apart from this paragraph) be payable, the levy is payable within the period of 28 days beginning with the date on which the notification is given or, if earlier, on 31st March 2006.
(5) If, on an application to the Board by trustees or managers who are liable to pay the initial levy to the Board in respect of a scheme, the Board considers that it is appropriate to do so in view of any exceptional circumstances that apply in relation to the scheme, it may agree to accept payment of the initial levy by instalments and, if it does so—
(a)the first instalment is payable as mentioned in paragraph (2) or, as the case may be, paragraph (4); and
(b)any subsequent instalment is payable at such later time or times during the initial period as are notified under section 181(3)(c) of the 2004 Act to the person liable to pay the levy.
(6) If the Board requires the Regulator to discharge its functions under section 181(3)(c) on the Board’s behalf, the reference to the Board in paragraph (5) is to be taken as a reference to the Regulator.
(7) If—
(a)on 6th April 2005 a scheme is not an eligible scheme; but
(b)it becomes such a scheme during the initial period,
then, subject to paragraphs (4) and (5), the initial levy in respect of the scheme is payable on 31st March 2006.
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