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The Local Authorities (Funds) (England) Regulations 1992
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1.—(1) Subject to sub-paragraph (2), the schedule of instalments shall be determined so as to require any payments and transfers from a billing authority’s collection fund to principal authorities to be made in at least 10 instalments the total of which will discharge that billing authority’s liabilities within the financial year to which the schedule relates.
(2) The reference in sub-paragraph (1) to transfers from a billing authority’s collection fund shall be construed, in the case of a liability under section 97(4) of the 1988 Act, as a reference to transfers from that authority’s general fund to its collection fund.
(3) Any payments and transfers shall be made to each principal authority at the same times.
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