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The Reporting on Payment Practices and Performance Regulations 2017

Draft Legislation:

This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Reporting on Payment Practices and Performance Regulations 2017 No. 395

Periods in relation to which information must be published

This section has no associated Explanatory Memorandum

7.—(1) Subject to paragraphs (2) and (3), a qualifying company has two reporting periods in a financial year—

(a)the first reporting period is the six months beginning with the first day of that financial year;

(b)the second reporting period is the remainder of that financial year.

(2) In the event that a qualifying company’s accounting reference period is shortened in accordance with section 392 (alteration of accounting reference date) of the 2006 Act so that a financial year lasts 9 months or less, the reporting period is that financial year.

(3) In the event that a qualifying company’s accounting reference period is extended in accordance with section 392 (alteration of accounting reference date) of the 2006 Act so that a financial year lasts more than 15 months, there are three reporting periods—

(a)the first reporting period is the six months beginning with the first day of that financial year;

(b)the second reporting period is the six months beginning with the day after the last day of the first reporting period;

(c)the third reporting period is the remainder of that financial year.

(4) In this regulation “accounting reference period” has the meaning given in section 391 of the 2006 Act.

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