Regulation 12 Discharge of a relevant major precepting authority’s liabilitiesI1

In relation to each financial year beginning in or after 1994 a relevant major precepting authority shall in accordance with paragraphs (2) and (3) discharge its liability to pay anything to a billing authority in respect of so much of any deficit in that authority’s collection fund as, in accordance with regulation 11, that billing authority calculates must be borne by that major precepting authority as regards that year.

F1Subject, in the financial year beginning on 1st April 2000, to paragraph (2A) below, any amount so calculated as regards the financial year in question shall be paid by a relevant major precepting authority to a billing authority in no more than 10 equal instalments during that financial year, provided that—

Any amount so calculated by an authority in accordance with paragraphs 6(5), 6(6) or 6(7) of Schedule 2 to these Regulations shall be paid by the Greater London Authority to a billing authority in no more than 8 instalments during the financial year beginning on 1st April 2000 provided that—

For the purposes of the computation of days under paragraph (2)(b) F3or (2A)(b) a day which is a Saturday, Sunday or bank holiday shall be excluded.