2.—(1) A levy is to be imposed on leviable bodies in respect of the 12 month period ending with 31st March 2011 and in respect of each successive 12 month period.
(2) The levy is for the purpose of raising an amount corresponding to the aggregate of—
(a)the leviable Board expenditure; and
(b)the leviable OLC expenditure.
(3) The expenditure referred to in paragraph (2)(a) or (b) may include—
(a)estimated expenditure; and
(b)such amount as is necessary to make good any shortfall in respect of a levy previously imposed.
(4) For the purposes of paragraph (3)(b)—
(a)the reference to a levy previously imposed is to a levy imposed under these Rules or under the Legal Services Act 2007 (Levy) Rules 2010(1); and
(b)the reference to shortfall, in respect of any such levy, is to the difference between the amount to be raised by way of that levy and the amount actually received by the Board.
(5) The Board must obtain the Lord Chancellor’s agreement to the amount to be raised by way of the levy in respect of each 12 month period.