1No levy may be imposed by the Board under section 21 above before the beginning of the financial year ending with 31st March 1977.
2(1)The amounts required to be paid by any company under general business levies imposed by the Board in any financial year shall not exceed one per cent, of any income of the company for the year ending last before the beginning of that financial year which is income liable to the general business levy.
(2)The amounts required to be paid by any company under long term business levies imposed by the Board in any financial year shall not exceed one per cent, of any income of the company for the year ending last before the beginning of that financial year which is income liable to the long term business levy.
3The Board may not impose a levy for the purpose of financing expenditure of any description unless—
(a)the expenditure in question has already been incurred by the Board; or
(b)it appears to the Board that the expenditure will be incurred within twelve months of the imposition of the levy.