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The Levying Bodies (General) (Amendment) Regulations 1992

S.I. 1992/697 · Made 11 March 1992

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

LOCAL GOVERNMENT, ENGLAND AND WALES

FINANCE

Made 11th March 1992

Laid before Parliament 12th March 1992

Coming into force 2nd April 1992

The Secretary of State for the Environment, in relation to England, and the Secretary of State for Wales in relation to Wales, in exercise of the powers conferred on them by sections 74(2) and (3)(f) and 143(2) of the Local Government Finance Act 1988f1, and of all other powers enabling them in that behalf, hereby make the following Regulations:

Annotations to the whole text

Footnotes

f1

1988 c. 41; section 143(2) was amended by the Local Government and Housing Act 1989 (c. 42), Schedule 5, paragraph 72(2).

Contents

  1. 1Regulation 1
  2. 2Regulation 2
  3. Signature
  4. Explanatory note

1

These Regulations may be cited as the Levying Bodies (General) (Amendment) Regulations 1992 and shall come into force on 2nd April 1992.

2

Regulation 10 of the Levying Bodies (General) Regulations 1990f1 shall be amended–

(a)

in paragraph (2), by the insertion before the words “base rate” of the word “highest” and by the substitution of the words “any of the reference banks” for the words from “the committee” to the end of the paragraph;

(b)

by the insertion after paragraph (2) of the following:

“(3)

For the purposes of paragraph (2)–

(a)

the reference banks are the seven largest institutions–

(i)

authorised by the Bank of England under the Banking Act 1987f2; and

(ii)

incorporated in and carrying on a deposit-taking business within the United Kingdom,

which quote a base rate in sterling;

(b)

the size of an institution is to be determined by reference to its total consoli-dated gross assets denominated in sterling, as shown in its audited end-year accounts last published before the due date for payment.

(4)

In paragraph (3)(b), the reference to the consolidated gross assets of an institution is a reference to the gross assets of that institution together with any subsidiary (within the meaning of section 736 of the Companies Act 1985)f3.”.

Signature

Michael Heseltine

Secretary of State for the Environment

10th March 1992

David Hunt

Secretary of State for Wales

11th March 1992

Explanatory note

(This note is not part of the Regulations)

The Levying Bodies (General) Regulations 1990 make provision as respects the power of bodies to issue levies to local authorities for the purpose of meeting the expenses of those bodies. Regulation 10 makes provision for the payment and rate of interest on unpaid levies.

These Regulations amend the method used in those Regulations for determining the appropriate rate of interest.