Regulation 48 Payment of return amount to charity

A person who is eligible for a payment under regulation 47(1) may notify the scheme collector that they elect for a sum equivalent to the total return amount to be paid by the deposit management organisation to a charity.

A scheme collector who is notified under paragraph (1) must notify the deposit management organisation of that election (including the relevant total return amount and the date the election was made) within 3 months of receiving the notification.

On receiving a notification under paragraph (2), the deposit management organisation must pay to a charity a sum equivalent to the total return amount that the person was eligible for under regulation 47(1) within 12 months of that election being made.

A person who makes an election under paragraph (1) ceases to be eligible for a payment under regulation 47 in relation to that election.

In this regulation “total return amount” has the meaning given in regulation 47(4).