(1)The net amount of levy payments for any levy year must be applied as follows.
(2)The licensing authority—
(a)must pay the specified proportion of that amount to the relevant local policing body, and
(b)must apply the remainder of that amount in accordance with regulations.
(3)In subsection (2)(a), “specified proportion” means the proportion determined for the levy year under section 132(1)(b) or 133(1)(d).
(4)The specified proportion must be not less than 70 per cent.
(5)Regulations may amend subsection (4) by specifying a different proportion in place of the proportion for the time being specified in that subsection.
(6)Regulations may make provision—
(a)as to the time or times at which payments are to be made by the licensing authority under subsection (2);
(b)for adjustments of payments in cases where payments or repayments are made in respect of the levy after the end of the levy year.
(7)Regulations under this section may make provision conferring functions or a discretion on a licensing authority.