# Policyholders Protection Act 1975 (repealed), Paragraph 3

Extent: E+W+S+N.I.

The Board may not impose a levy for the purpose of financing expenditure of any description unless—
(a) the expenditure in question has already been incurred by the Board; or
(b) it appears to the Board that the expenditure will be incurred within twelve months of the imposition of the levy.

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Source: https://www.legislation.gov.uk/ukpga/1975/75/schedule/3/paragraph/3 (the official version)
Page: https://openlegislation.uk/policyholders-protection-act-1975-repealed/schedule-3/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.