Regulation 15 Schedule of instalments

Where a payment under these Regulations is to be paid according to the schedule of instalments it is to be paid in 10 instalments such that—

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.

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 per cent of the amount payable.

A billing authority and a major precepting authority may by agreement vary the schedule of instalments with regard to payments between them.

Any amount paid or transferred in respect of a liability under paragraph 6 of Schedule 7B to the 1988 Act or these Regulations for a year, whether or not paid in accordance with paragraph (1) is to be treated as discharging that liability to the extent of the payment.

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 1971^f1.