Paragraph 21 F1

This paragraph specifies the different instalments which are payable in different circumstances in respect of a simple payment licence.

Where the person to whom the simple payment licence is issued elects, before or on the issue date, to pay fortnightly instalments, F2sub-paragraphs (2A) to (2D) apply.

An issue fee is payable on the issue date.

Further instalments are payable at fortnightly intervals with the first being payable on the date which is the last day of the period of 2 weeks beginning with the date immediately following the issue date.

The number of further instalments is determined by the number of complete fortnights in the period beginning with the date on which the first instalment falls due and ending with the expiry date.

The amounts of the issue fee and each further instalment are determined according to the number of further instalments payable, as set out in Table 1.

Where the person to whom the simple payment licence is issued elects, before or on the issue date, to pay monthly instalments, sub-paragraphs (2F) to (2I) apply.

An issue fee is payable on the issue date.

Further instalments are payable at monthly intervals with the first being payable on the date which is the last day of the period of one month beginning with the day immediately following the issue date.

The number of further instalments is determined by the number of complete months in the period beginning with the date on which the first instalment falls due and ending with the expiry date.

The amounts of the issue fee and of each further instalment are determined according to the number of further instalments payable as set out in Table 2.