Regulation 6 Making of payments
Subject to the following provisions of this regulation, the amount of a relevant component for the current year which is payable by a participant authority to the designated authority shall be the amount calculated, from time to time, in relation to the participant authority, and notified, pursuant to regulation 5.
The designated authority may determine that the amount calculated and notified pursuant to regulation 5(1) as the component in respect of principal for the initial year shall be disregarded for the purposes of paragraph (1) above; and any such determination shall be made, and notified to the participant authority, not later than 31st December in the final year.
The amount of a relevant component for the current year which is payable by the participant authority shall be paid—
in such number of instalments payable on or before such dates as the designated authority and the participant authority may have agreed not later than 10th December in the immediately preceding year; or
in default of such agreement, such number of instalments payable on or before such dates as the designated authority shall determine in accordance with paragraph (4) below and notify to the participant authority before 31st December in that year.
For the purposes of any determination by the designated authority under paragraph (3) above—
the number of instalments shall not be less than 10;
the date on which the first instalment shall be payable shall not be earlier than—
in a case where the designated authority has made a determination under paragraph (2) above, the date which is two weeks after the date of the notification of the first amount calculated as the component in respect of principal for the initial year pursuant to regulation 5(2); and
in any other case, 15th April in the current year;
the date on which the last instalment shall be payable shall not be later than 31st March in the current year;
there shall, so far as practicable, be an equal number of days between each instalment; and
a day which is a Saturday, Sunday or bank holiday shall be excluded for the purposes of the computation of days under sub-paragraph (d) above.
The amount of any instalment payable by a participant authority shall be such as that authority and the designated authority may from time to time agree or, in default of such agreement, an amount equal to the amount payable by the participant authority under paragraph (1) above but which has not yet been paid, divided by the number of instalments remaining to be paid for the current year.
This paragraph applies where, after the date on which the last of the instalments agreed or determined as mentioned in paragraph (3) above falls to be paid, the amount of a relevant component for the current year for the time being calculated pursuant to regulation 5(2) or (3) (“the relevant amount”) is greater or less than the amount of that component which was last so calculated (“the previous amount”).
Where paragraph (6) above applies—
in a case where the relevant amount is greater than the previous amount, the participant authority shall pay to the designated authority an amount equal to the difference between those amounts; and
in a case where the relevant amount is less than the previous amount, the designated authority shall pay to the participant authority an amount equal to the amount by which the previous amount exceeds the relevant amount.
Any amount payable by a participant authority or the designated authority by virtue of paragraph (7) above shall be paid on or before such date as those authorities may agree or, in default of such agreement, such date (being not less than one month and not more than three months after the date of notification of the relevant amount) as the designated authority may determine.
Where any payment by a participant authority in respect of the component in respect of principal for the current year is calculated otherwise than in accordance with the Schedule, the authority shall, in relation to the payment, determine amounts (which may be nil) which are attributable to—
in a case where the relevant authority is a housing authority, each of the modified housing amount, the modified non-housing amount, relevant housing advances, relevant non-housing advances, relevant housing SCAs and relevant non-housing SCAs; and
in any other case, each of the modified relevant amount, relevant non-housing advances and relevant non-housing SCAs;
and the participant authority shall inform the designated authority of the amounts so determined when making the payment.