These Regulations amend the Reporting on Payment Practices and Performance Regulations 2017 (“the Principal Regulations”) (S.I. 2017/395) and the Limited Liability Partnerships (Reporting on Payment Practices and Performance) Regulations 2017 (“the LLP Regulations”) (S.I. 2017/425).

Regulations 2(2) and 3(2) amend the expiry date of the Principal Regulations and the LLP Regulations and provide that those Regulations are to cease to have effect on 6th April 2031.

Regulations 2(3) and 3(3) amend the date on which the Secretary of State is required to review the operation and effect of the Principal Regulations and the LLP Regulations and require a review to be completed by 6th April 2029.

Regulation 2(4) amends the Schedule to the Principal Regulations which sets out the information that a qualifying company is required to publish in relation to each reporting period. The amendments include requirements on qualifying companies to publish information on the sum total of payments which are not made within a payment period and to report on the percentage of payments that are not paid within a period due to a dispute. The Schedule has also been amended to take into account arrangements involving a finance provider.

A full impact assessment of the effect that this instrument will have on the costs of business, the voluntary sector and the public sector is available and is published with the Explanatory Memorandum alongside this instrument. A hard copy may be obtained from the Department for Business and Trade, Old Admiralty Building, London SW1A 2DY.