Discounted amount and period for paymentE+W
7(1)A discounted amount is payable instead of the amount specified in regulations under paragraph 5 if payment is made before the end of the period for payment of the discounted amount.E+W
(2)That period is the period of 15 days beginning with the day on which the notice is given, unless the 15th day is not a working day.
(3)If the 15th day is not a working day, that period is the period beginning with the day on which the notice is given and ending immediately after the first working day following the 15th day.
(4)In this paragraph, “working day” means any day which is not Saturday, Sunday, Christmas Day, Good Friday or a day which is a bank holiday in England and Wales under the Banking and Financial Dealings Act 1971 (c. 80).
Commencement Information
I1Sch. 1 para. 7 in force at 2.4.2007 for W. by S.I. 2007/204, art. 2(a)
I2Sch. 1 para. 7 in force at 1.7.2007 for E. by S.I. 2007/1375, art. 2(a)
8E+WThe discounted amount is such amount as the Secretary of State may specify in regulations.
Commencement Information
I3Sch. 1 para. 8 in force for certain purposes at Royal Assent see s. 83
I4Sch. 1 para. 8 in force at 2.4.2007 for W. in so far as not already in force by S.I. 2007/204, art. 2(a)
I5Sch. 1 para. 8 in force at 1.7.2007 for E. in so far as not already in force by S.I. 2007/1375, art. 2(a)