Explanatory note

The Local Authorities (Funds) (England) Regulations 1992 make provision for the discharge by a billing authority of its liabilities to pay amounts in respect of precepts. Regulations 4 and 6 provide that a billing authority shall determine, and may amend, a schedule of instalments in accordance with rules prescribed in Schedule 1.

These Regulations amend paragraph 2(1) of Part I of Schedule 1 by requiring the schedule of instalments to be determined so as to require the first instalment to be paid or transferred to principal authorities within a shorter period than 5 weeks of the start of the financial year. The period is a number of days reducing from 32 to 21 between the financial years beginning in 1996 and 1999 (regulation 2(2)). The final instalment is, for financial years beginning in and after 1996, to be so paid or transferred by no later than 14 days, instead of within 8 weeks, prior to the end of the financial year. Where the final day of the period for the first instalment, or the final date for the last instalment, falls on a Saturday, Sunday or bank holiday, the periods for the instalments are extended to the next working day (regulation 2(3)).