Payments on accountE+W
5.—(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.
[F3(4A) 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.
Textual Amendments
F1Word in reg. 5(3) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Non-Domestic Rating (Shale Oil and Gas and Miscellaneous Amendments) Regulations 2015 (S.I. 2015/628), regs. 1(2), 13(2)
F2Word in reg. 5(3)(b) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Non-Domestic Rating (Shale Oil and Gas and Miscellaneous Amendments) Regulations 2015 (S.I. 2015/628), regs. 1(2), 13(3)
F3Reg. 5(4A) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Non-Domestic Rating (Shale Oil and Gas and Miscellaneous Amendments) Regulations 2015 (S.I. 2015/628), regs. 1(2), 13(4)
Marginal Citations