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4.—(1) In this regulation, subject to paragraph (3) below, “the relevant date” means 15th February in the financial year preceding that in respect of which a levy is issued.
(2) A levy must be issued before the relevant date, but it is not invalid merely because it is issued on or after that date.
(3) Where the relevant Act would, apart from section 117 of the 1988 Act, require the levying body to issue a precept, make a levy or provide an estimate of its expenditure to be paid, before a date which is earlier than the relevant date, that earlier date shall be the relevant date for the purposes of paragraph (2) above.
(4) Paragraph (3) does not apply—
(a)to a levy issued in respect of the financial year beginning in 1990, or
(b)to levies for amounts which regulation 6 requires to be borne in the relevant proportion.
(5) This regulation does not apply to a substituted levy issued in accordance with regulation 8 below.
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