Regulation 4 Amendment of regulation 39 (calculation and publication of the levy rate)

in paragraph (1)(c), in the formula, for “+I_y-2” substitute “-I_y-2”;

after paragraph (6) insert—

“(6A)

Where the Secretary of State reviews the maximum levy amount in accordance with paragraph (6)(b), the Secretary of State must calculate the new maximum levy amount in accordance with the formula set out in paragraph (6)(a) subject to the following modifications—

(a)

SB is the projected scheme expenditure for the scheme year with the largest projected scheme expenditure,

(b)

QL_y+1 is the quarterly lag uplift, within the meaning given in paragraph (4)(f), in relation to the scheme year following that scheme year.”.