LOCAL GOVERNMENT, ENGLAND AND WALES Citation and commencement 1 These Regulations may be cited as the Local Authorities (Precepts) (Wales) Regulations 1995 and shall come into force on 31st October 1995. Interpretation 2 1 In these Regulations— “the 1992 Act ” means the Local Government Finance Act 1992 ; “the 1992 Regulations ” means the Local Authorities (Funds) (Wales) Regulations 1992 ; “relevant local precepting authority”, in relation to a billing authority, means any community council having power to issue a precept to that billing authority; “relevant major precepting authority”, in relation to a billing authority, means the police authority established under section 3 of the Police Act 1964 , having power to issue a precept to that billing authority; “relevant precepting authority”, in relation to a billing authority, means the relevant major precepting authority and each relevant local precepting authority; “schedule of instalments” means: a schedule determined, or to be determined, by a billing authority in accordance with regulation 4 and, where it applies, regulation 6, with respect to the times for and the number and amounts of payments from its council fund in respect of its liabilities; and in relation to a financial year for which such a schedule has been so determined, means the schedule which currently has effect for that financial year; and “working day” means any day other than a Saturday, Sunday, or bank holiday. 2 Any reference in these Regulations (however framed) to liability in relation to a billing authority is a reference to the liability of a billing authority to pay anything from its council fund in respect of any precept issued by a relevant precepting authority under Chapter IV of Part I of the 1992 Act, after taking into account any amount credited against that liability by that relevant precepting authority under section 42(4) of that Act. 3 References in these Regulations to a working day in one month and a working day in another month shall be treated (in relation to each other) as the same working day of a different month if, and only if, both such working days can be identified a by the same name of a day in a week ( whether Monday, Tuesday, Wednesday, Thursday or Friday), and also b by reference to the same position in a month relative to other days of that name (whether the first, second, third or fourth day of that name in a month). Discharge of a billing authority’s liabilities 3 1 Subject to paragraph (2), in relation to each financial year beginning in or after 1996 a billing authority shall in accordance with its schedule of instalments pay to its relevant precepting authorities such amounts, if any, as will discharge its liabilities for that financial year. 2 The requirement in paragraph (1) to make payments in accordance with a schedule of instalments does not apply where the provisions in paragraph (3) apply. 3 Where— a a substitute precept has been issued in relation to a financial year, and b that substitute precept has been issued on or after the day of the final instalment to be paid in accordance with the schedule of instalments for that financial year, any amounts to be paid by a billing authority in respect of its liability for that financial year which remain to be discharged immediately after the substitute precept is issued shall be paid as soon as is reasonably practicable after the issue of that precept. 4 Any amount paid by a billing authority in respect of a liability for a financial year, whether or not paid in accordance with a schedule of instalments or in accordance with the provisions in paragraph (3), shall be treated as discharging that liability to the extent of the payment. 5 For the purposes of paragraph (4), any amount paid which— a was treated in accordance with that paragraph as discharging a billing authority’s liability, but b was subsequently repaid or credited by the relevant precepting authority concerned under section 42(4) of the 1992 Act, shall, to the extent of the amount repaid or credited, cease to be treated as discharging that liability. Schedules of instalments 4 1 A billing authority shall, in accordance with the rules prescribed in the Schedule to these Regulations, determine a schedule of instalments in relation to each financial year beginning in or after 1996. 2 A billing authority shall determine a schedule of instalments under paragraph (1) at any time before 31st January in the financial year preceding that to which the schedule will relate. 3 A billing authority may revoke a schedule of instalments at any time before 31st December in the financial year preceding that to which the schedule will relate. 4 If a billing authority revokes a schedule of instalments (“the previous schedule”) under paragraph (3) above, it shall make a fresh determination of a schedule of instalments (“the substitute schedule”) for the financial year to which the previous schedule related; and the provisions of these Regulations, including this regulation, shall apply to the determination of a substitute schedule as they applied to the determination of the previous schedule. Information on schedules of instalments 5 1 A billing authority shall, at any time before 31st December in the financial year preceding that to which the schedule of instalments will relate, inform each relevant precepting authority of the schedule of instalments which it proposes to determine under regulation 4. 2 A billing authority shall, at any time before 1st February in the financial year preceding that to which the schedule of instalments will relate, inform each relevant precepting authority of the schedule of instalments which it has determined under regulation 4. 3 A billing authority shall not determine a schedule of instalments under regulation 4 within 21 days of informing each relevant precepting authority under paragraph (1) of the schedule of instalments which it proposes to determine. Amendment of schedules of instalments 6 1 A billing authority may, with the agreement of the relevant major precepting authority, from time to time amend a schedule of instalments insofar as it relates to future payments, and any such amendment shall have effect from such time as is specified in the amendment. 2 The power under paragraph (1) to amend a schedule of instalments does not extend to the amendment of any provision insofar as it relates to relevant local precepting authorities. 3 An amended schedule of instalments shall satisfy the requirements of paragraph 1(3) and (4) of the Schedule to these Regulations. Interest on amount of instalments 7 1 A billing authority shall pay interest to a relevant precepting authority in respect of any amount which— a has become payable to that relevant precepting authority in accordance with a schedule of instalments, but b has not been so paid. 2 Interest shall be payable under paragraph (1) on the amount outstanding for every day of the period beginning with the day on which the amount was due to be paid and ending with the day before the day on which it is paid. Calculation of interest on amount of instalments 8 1 Interest payable under regulation 7 in respect of an amount outstanding shall be calculated at the rate which is 2 per cent above the highest base rate quoted by any of the reference banks at any time in the period for which that interest is payable. 2 The interest shall be paid at the same time as the amount outstanding is paid. 3 For the purposes of paragraph (1), the reference banks are the seven largest institutions— a authorised by the Bank of England under the Banking Act 1987 and b incorporated in and carrying on a deposit-taking business within the United Kingdom, which quote a base rate in sterling. 4 For the purposes of paragraph (3), the size of an institution is to be determined by reference to its total consolidated gross assets denominated in sterling, as shown in its audited end-year accounts last published before the period for which interest is payable begins. 5 In this regulation— “consolidated gross assets” of an institution is a reference to the gross assets of that institution together with any subsidiary (within the meaning of section 736 of the Companies Act 1985) ; “a deposit-taking business” has the meaning given in section 6 of the Banking Act 1987 but subject to any order under section 7 of that Act. The 1992 Regulations 9 The 1992 Regulations shall cease to have effect in relation to any financial year beginning in or after 1996.