The Local Government Changes For England (Property Transfer and Transitional Payments) Regulations 1995

Payments by or to the designated authority

17.—(1) Subject to paragraph (2) below—

(a) where the amount calculated in relation to a participant authority in accordance with the formula in paragraph 8 of Schedule 1 is a positive amount, the designated authority shall pay to the participant authority a sum equal to that amount; and

(b) where the amount so calculated is a negative amount, the participant authority shall pay to the designated authority a sum equal to that amount expressed as a positive amount.

(2) Where notification has been given by a participant authority under regulation 14(6) or 15(2) that it disagrees with any calculations made by the designated authority, any sum required, by virtue of paragraph (1) above, to be paid by that authority, any other participant authority or the designated authority in respect of those calculations shall be reduced by 20%.

(3) Any sum payable by virtue of paragraph (1) above shall be paid on or before—

(a) such date as the authority by whom (“the paying authority”) and the authority to whom (“the payee authority”) the payment is to be made may have agreed during the period of two months beginning with the date of service of the notice setting out the calculations which give rise to the liability to pay; or

(b) failing such agreement, the day (other than a Saturday, a Sunday or a Bank Holiday) which falls two weeks after the end of that period.

(4) Where the authorities concerned so agree, any liability to pay a sum by virtue of this Part may be discharged, in whole or in part, by the transfer to the payee authority of investments held by the paying authority.

(5) At any time after the reorganisation date, the designated authority or a participant authority may each make a payment on account to the other in respect of any sum which the authority estimates it will be liable to pay to the other in consequence of calculations to be made in accordance with paragraph 6 of Schedule 1.