Article 39 Payments: CCTSI1
United Kingdom As made
Where a CCTS participant has insufficient CCTS allowances to account for its activity during a scheme year in accordance with article 38, it must make a payment to the administrator.
The payment amount is £86 for each unit of a CCTS participant’s activity during a scheme year, measured in accordance with article 36, which the participant does not account for by surrendering a CCTS allowance to the administrator on or before 31st December of the year following that scheme year.
Where the payment amount referred to in paragraph (2) is not a whole number of pence, the amount is to be rounded to the nearest whole number of pence.
The administrator must give a CCTS participant notice of a requirement to make a payment in accordance with this article (referred to in this article as a “payment notice”).
A payment notice must be in writing and must set out—
the amount of the payment and how the amount is calculated;
the date by which payment must be made, which must not be less than 30 days after the date on which the notice is given;
that payment must be made to the administrator;
how payment must be made; and
information about rights of appeal.
A CCTS participant which receives a payment notice under this article must make the payment in accordance with the notice.
The administrator must pay any payment received under this article into the consolidated fund.
Annotations
Commencement
- I1
Art. 39 in force at 3.1.2024, see art. 1(b)