Regulation 2 Rules for determination of schedules of instalments

The Local Authorities (Funds) (England) Regulations 1992^f1 shall be amended as provided in this regulation.

For paragraph 2(1) of Part I of Schedule 1 there shall be substituted—

“(1)

Subject to sub-paragraph (4), the schedule of instalments shall be determined so as to require—

(a)

the first instalment to be paid or transferred to principal authorities within the following periods of the start of the financial year—

(i)

in relation to the financial year beginning in 1996, 32 days,

(ii)

in relation to the financial year beginning in 1997, 28 days,

(iii)

in relation to the financial year beginning in 1998, 24 days, and

(iv)

in relation to a financial year beginning in or after 1999, 21 days, and

(b)

in relation to a financial year beginning in or after 1996, the final instalment to be so paid or transferred on or before the beginning of a period of 14 days prior to the end of the financial year.”.

In relation to a financial year beginning in or after 1996, after paragraph 2(3) of Part I of Schedule 1 there shall be inserted—

“(4)

Where the day on which the period referred to in sub-paragraph (1)(a) would end, or the period referred to in sub-paragraph (1)(b) would begin, is a Saturday, Sunday or bank holiday, then the periods shall respectively end, or be reduced to a period beginning, on the next day which is not a Saturday, Sunday or bank holiday.”.