Payments on account5
1
If an authority's deemed rating income for a year estimated in accordance with regulation 4 exceeds its actual rating income for the year estimated in accordance with that regulation, the Secretary of State must pay to the authority an amount equal to the excess.
2
If the amount of an authority's actual rating income for a year estimated in accordance with regulation 4 exceeds its deemed rating income for the year estimated in accordance with that regulation, the authority must pay to the Secretary of State an amount equal to the excess.
3
Amounts payable under this regulation shall be paid during the course of the relevant year by means of F112 instalments such that—
a
the first instalment is payable on the 30th April; and
b
the subsequent instalments are payable on the 19th day of each of the following F211 months starting in May.
4
Where an instalment falls to be paid on a Friday or a day that is not a working day, it shall instead be payable on the first working day that is not a Friday following that day.
F34A
The first four instalments are each to be of 9% of the amount payable and each other instalment is to be 8% of the amount payable.
5
For the purpose of this regulation “working day” means any day other than a Saturday, a Sunday, Christmas Day, Good Friday or a day which is a bank holiday in England under the Banking and Financial Dealings Act 1971 M1.