Regulation 9 Liability for the initial levyI1
Northern Ireland
The trustees or managers of each eligible scheme are liable to pay the initial levy to the Board in respect of the scheme for the initial period.
Subject to paragraphs (3) to (6), the initial levy is payable on 6th April 2005.
If the amount of the initial levy in respect of a scheme is not notified under Article 164(3)(c) of the 2005 Order to the person liable to pay it before the day on which it would (apart from this paragraph) be payable, the levy is payable within the period of 28 days beginning with the date on which the notification is given or, if earlier, on 31st March 2006.
If, on an application to the Board by the trustees or managers who are liable to pay the initial levy in respect of a scheme, the Board considers that it is appropriate to do so in view of any exceptional circumstances that apply in relation to the scheme, it may agree to accept payment of the initial levy by instalments and, if it does so –
the first instalment is payable as mentioned in paragraph (2) or, as the case may be, paragraph (3); and
any subsequent instalment is payable at such later time or times during the initial period as are notified under Article 164(3)(c) of the 2005 Order to the person liable to pay the levy.
If the Board requires the Regulator to discharge its functions under Article 164(3)(c) of the 2005 Order on the Board’s behalf, the references to the Board in paragraph (4) are to be taken as references to the Regulator.
If –
on 6th April 2005 a scheme is not an eligible scheme; but
it becomes such a scheme during the initial period,
then, subject to paragraphs (3) and (4), the initial levy in respect of the scheme is payable on 31st March 2006.
Annotations
Commencement
- I1
Reg. 9 in operation at 1.4.2005, see reg. 1