Paragraph 14 F1
For the purposes of this Schedule—
a payment falls due on the last day of the payment period;
subject to sub-paragraph (d), a payment is made—
when it is received by the supplier, unless sub-paragraph (c) applies, or
where sub-paragraph (c) applies, when it is received by the finance provider from the qualifying company;
this sub-paragraph applies if there is an arrangement under which—
the supplier receives part payment of an invoiced sum from a finance provider before the end of the payment period; and
the qualifying company pays the invoiced sum to the finance provider;
where there is any delay in the payment or any part of the payment being received for which the qualifying company is not responsible, the payment is deemed to have been made when it would have been received without that delay.
Annotations
Textual amendments
- F1
Sch. para. 14 substituted (5.4.2024) by The Reporting on Payment Practices and Performance (Amendment) Regulations 2024 (S.I. 2024/444), regs. 1(2), 2(4)(d) (with reg. 1(3))
Notes on Schedule 1
Textual amendments
- F1
Sch. renumbered as Sch. 1 (in relation to each financial year of a company beginning on or after 1.4.2025) by The Reporting on Payment Practices and Performance (Amendment) Regulations 2025 (S.I. 2025/75), regs. 1(2)(4), 6(1)
Modifications
- C1
Sch. modified (E.W.S.) (6.4.2017) by The Limited Liability Partnerships (Reporting on Payment Practices and Performance) Regulations 2017 (S.I. 2017/425), regs. 1(2), 10 (as amended (in relation to each financial year of a limited liability partnership beginning on or after 1.4.2025) by S.I. 2025/75, regs. 1(2)(5), 8(2))