Regulation 24 Transfer of the levy funds

(1)

Before the end of 5 working days after the end of a levy month, the EII levy administrator must—

(a)

reimburse itself, out of the funds accumulated under regulation 19 (levy payment obligation), its relevant costs in respect of that levy month;

(b)

transfer to the EII support payments administrator all remaining funds it has received under these Regulations.

(2)

For the purposes of paragraph (1)(a), the EII levy administrator’s relevant costs in a levy month are the sum calculated under regulation 17 (EII levy administrator costs) that was used in the calculation of the EII support payment total under regulation 18 for the levy month in respect of which the funds are being transferred under this regulation.

(3)

The EII levy administrator must transfer to the EII support payment administrator all funds received under regulation 23 (mutualisation charge) as soon as reasonably practicable after receipt.