Regulation 8 Safety net on account
A payment on account is to be made in 10 instalments such that—
the first instalment is payable on the 30th April; and
the subsequent instalments are payable on the 19th day of each of the following 9 months starting in May.
The first and last instalments are each to be of 8 per cent of the amount payable, and each other instalment is to be 10.5 percent of the amount payable.
Where an instalment falls to be paid on a Friday or a day that is not a working day, it shall instead be payable on the first working day that is not a Friday following that day.
For the purpose of this regulation “working day” means any day other than a Saturday, a Sunday, Christmas Day, Good Friday or a day which is a bank holiday in England under the Banking and Financial Dealings Act 1971f1.
Annotations
Footnotes
- f1