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Statutory Instruments

2017 No. 395

Companies

Contracts

The Reporting on Payment Practices and Performance Regulations 2017

Made

15th March 2017

Coming into force

6th April 2017

The Secretary of State makes the following Regulations in exercise of the powers conferred by sections 3(1), (2), (4), (5) and (7) and 161(2) of the Small Business, Enterprise and Employment Act 2015(1).

In accordance with section 3(8) of the Small Business, Enterprise and Employment Act 2015, the Secretary of State has consulted such persons as he considered appropriate.

In accordance with sections 3(9) and 161(4) of that Act, a draft of these Regulations has been laid before Parliament and approved by a resolution of each House of Parliament.

Citation and commencementI1

1.—(1) These Regulations may be cited as the Reporting on Payment Practices and Performance Regulations 2017.

(2) These Regulations come into force on 6th April 2017.

(3) These Regulations cease to have effect on [F16th April 2031F1] .

Interpretationcross-notesI2

2. In these Regulations—

[F2the 1996 Act” means the Housing Grants, Construction and Regeneration Act 1996;F2]

the 2006 Act” means the Companies Act 2006(2);

[F3construction contract”—

(a)

means a construction contract within the meaning of sections 104(1) to (3) and 105(1) to (2) of the 1996 Act; and

(b)

excludes any construction contract with a residential occupier within the meaning of section 106(2) of the 1996 Act;F3]

director” includes any person occupying the position of director, by whatever name called;

filing period” means 30 days beginning with the day after the last day of the reporting period to which a report relates;

financial year” means a company’s financial year determined in accordance with sections 390 to 392 of the 2006 Act;

qualifying company” has the meaning given in regulation 5;

[F4qualifying construction contract” has the meaning given in regulation 6A;F4]

qualifying contract” has the meaning given in regulation 6;

reporting period” means a period determined in accordance with regulation 7.

Duty to publish information on payment practices, policies and performancecross-notesI3

3.[F5—(1)For each reporting period, a qualifying company must publish a report containing—

(a)the information set out in Schedule 1 in respect of its qualifying contracts; and

(b)the information set out in Schedule 2 in respect of its qualifying construction contracts.F5]

(2) For the purposes of paragraph (1), to publish a report a qualifying company must publish it—

(a)within the filing period, and

(b)on the web-based service provided for the purposes of these Regulations by or on behalf of the Secretary of State.

Approval of the informationcross-notesI4

4. A qualifying company’s information for a reporting period must be approved by a director of that company before it is published.

Companies to which the duty appliescross-notesI5

5.—(1) These Regulations apply to a company in relation to every financial year in which it is a qualifying company.

(2) A company is not a qualifying company in—

(a)its first financial year;

(b)a financial year which began before 6th April 2017.

(3) A company other than a parent company is a qualifying company

(a)in its second financial year if on its last balance sheet date before that financial year it exceeded two or all three of the general thresholds;

(b)in a subsequent financial year if on both of the relevant balance sheet dates it exceeded two or all three of the general thresholds.

(4) A parent company is a qualifying company

(a)in its second financial year if on its last balance sheet date before that financial year

(i)it exceeded two or all three of the general thresholds, and

(ii)the group headed by it exceeded two or all three of the group thresholds;

(b)in a subsequent financial year if on both of the relevant balance sheet dates

(i)it exceeded two or all three of the general thresholds, and

(ii)the group headed by it exceeded two or all three of the group thresholds.

(5) In this regulation—

(a)balance sheet date” means the date as at which the company’s balance sheet was made up;

(b)the “general thresholds” are the maximum figures for a company’s turnover, balance sheet total and number of employees set out in subsection (3) of section 465 of the 2006 Act (companies qualifying as medium-sized: general)(3), determined in accordance with subsections (4) to (6) of that section;

(c)group” means a parent company and its subsidiary undertakings;

(d)the “group thresholds” are the maximum figures for a group’s turnover, balance sheet total and number of employees set out in subsection (4) of section 466 of the 2006 Act (companies qualifying as medium-sized: parent companies)(4), determined in accordance with subsections (5) to (7) of that section;

(e)parent company” has the meaning given in section 1173 of the 2006 Act(5);

(f)the “relevant balance sheet dates” are—

(i)the company’s last balance sheet date before the relevant financial year, and

(ii)the balance sheet date preceding that;

(g)subsidiary undertaking” has the meaning given in section 1162 of, and Schedule 7 to, the 2006 Act.

(6) Paragraph (7) applies if the 2006 Act is amended so that the general thresholds or group thresholds which apply to a financial year (“X”) differ from those which applied to either of the preceding two financial years.

(7) For the purpose of determining whether a company is a qualifying company in financial year X, the company is to be treated as if the general thresholds or group thresholds which apply to financial year X had also applied to the two preceding financial years.

Contracts to which the information relatesI6

6.—(1) A qualifying contract is a relevant contract which satisfies the conditions in paragraphs (2) and (3).

(2) The first condition is that the relevant contract is not a contract for financial services, as defined in section 2 of the Small Business, Enterprise and Employment Act 2015.

(3) The second condition is that the relevant contract is—

(a)governed by the law of a part of the United Kingdom otherwise than by choice of the parties;

(b)governed by the law of a part of the United Kingdom by choice of the parties, and—

(i)has a significant connection with that part of the United Kingdom, or

(ii)without that choice, its applicable law would still be the law of a part of the United Kingdom; or

(c)governed by a foreign law by choice of the parties and—

(i)without that choice, its applicable law would be the law of a part of the United Kingdom, and

(ii)has no significant connection with any country outside the United Kingdom.

(4) In this regulation “foreign law” means the law of a country outside the United Kingdom.

[F6Construction contracts to which the information in Schedule 2 relates

6A.—(1)A qualifying construction contract is a relevant contract which satisfies the conditions in paragraphs (2) and (3).

(2)The first condition is that the relevant contract is a qualifying contract.

(3)The second condition is that the relevant contract is a construction contract.F6]

Periods in relation to which information must be publishedcross-notesI7

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.

Failure to publish a reportcross-notesI8

8.—(1) If the requirements of regulation 3 are not met in relation to a reporting period, the qualifying company and every person who was a director of the qualifying company immediately before the end of the filing period commits an offence.

(2) It is a defence for a director to prove that the director took all reasonable steps for securing that the requirements of regulation 3 would be complied with before the end of the filing period.

(3) A person guilty of an offence under this regulation is liable on summary conviction—

(a)in England and Wales, to a fine;

(b)in Scotland or Northern Ireland, to a fine not exceeding level 5 on the standard scale.

False statement offenceI9

9.—(1) It is an offence for a person knowingly or recklessly—

(a)to publish or cause to be published, for the purposes of these Regulations, a report or any information, or

(b)to make, for any such purpose, a statement,

that is misleading, false or deceptive in a material particular.

(2) A person guilty of an offence under this regulation is liable on summary conviction—

(a)in England and Wales, to a fine;

(b)in Scotland or Northern Ireland, to a fine not exceeding level 5 on the standard scale.

(3) No proceedings are to be brought under this regulation—

(a)in England and Wales except by or with consent of the Secretary of State or the Director of Public Prosecutions;

(b)in Northern Ireland except by or with consent of the Secretary of State or the Director of Public Prosecutions for Northern Ireland.

Summary proceedings: time limit for proceedingsI10

10.—(1) An information relating to an offence under these Regulations may be tried by a magistrates’ court in England and Wales if it is laid—

(a)within three years beginning with the day after the commission of the offence, and

(b)within twelve months beginning with the day after the date on which evidence sufficient in the opinion of the Director of Public Prosecutions or the Secretary of State (as the case may be) to justify the proceedings comes to that person’s knowledge.

(2) Summary proceedings in Scotland for an offence under these Regulations—

(a)must not be commenced after the expiration of three years beginning with the day after the commission of the offence;

(b)subject to that, may be commenced at any time—

(i)within twelve months beginning with the day after the date on which evidence sufficient in the Lord Advocate’s opinion to justify the proceedings came to the knowledge of the Lord Advocate, or

(ii)where such evidence was reported to the Lord Advocate by the Secretary of State, within twelve months beginning with the day after the date on which it came to the knowledge of the Secretary of State.

(3)Section 136(3) of the Criminal Procedure (Scotland) Act 1995(6) (date when proceedings deemed to be commenced) applies for the purposes of this regulation as for the purposes of that section.

(4) A magistrates’ court in Northern Ireland has jurisdiction to hear and determine a complaint charging the commission of an offence under these Regulations provided that the complaint is made—

(a)within three years beginning with the day after the commission of the offence, and

(b)within twelve months beginning with the day after the date on which evidence sufficient in the opinion of the Director of Public Prosecutions for Northern Ireland or the Secretary of State (as the case may be) to justify the proceedings comes to that person’s knowledge.

(5) For the purposes of this regulation a certificate of the Director of Public Prosecutions, the Lord Advocate, the Director of Public Prosecutions for Northern Ireland or the Secretary of State (as the case may be) as to the date on which evidence came to that person’s knowledge is conclusive evidence.

ReviewI11

11.—(1) Before [F76th April 2029F7] the Secretary of State must—

(a)carry out a review of these Regulations,

(b)set out the conclusions of the review in a report, and

(c)publish the report.

(2) The report must in particular—

(a)set out the objectives intended to be achieved by the regulatory provisions established by these Regulations,

(b)assess the extent to which those objectives are achieved, and

(c)assess whether those objectives remain appropriate and, if so, the extent to which they could be achieved with a system that imposes less regulation.

Margot James

Parliamentary Under Secretary of State, Minister for Small Business, Consumers and Corporate Responsibility

Department for Business, Energy and Industrial Strategy

15th March 2017

Regulation 3

[F8Schedule 1F8]Informationcross-notesI12

1. For the purposes of [F9regulation 3(1)(a)F9] , the information in relation to each reporting period that a qualifying company must publish is set out in paragraphs 2 to 12.

Information on payment termsI13,I14

2. A description of the qualifying company’s standard payment terms in relation to qualifying contracts, which must include—

(a)the payment period specified in those standard payment terms, expressed in days;

(b)where the qualifying company varied the standard payment terms in the reporting period

(i)details of the variation, and

(ii)details of any notification or consultation conducted by the qualifying company with its suppliers before making the variation.

3. A description of the maximum payment period specified in a qualifying contract which the qualifying company has entered into during the reporting period.

Dispute resolutionI15

4. An explanation of the qualifying company’s process for resolving a dispute with a supplier in relation to payment under a qualifying contract.

Payment practices and policiesI16,I17,I18,I19

5. A statement as to whether the qualifying company’s payment practices and policies in relation to qualifying contracts include an arrangement under which a supplier can receive payment of an invoiced sum from a finance provider before the end of the payment period, with the qualifying company paying the invoiced sum to the finance provider.

6. A statement as to whether the qualifying company’s payment practices and policies in relation to qualifying contracts provide for the electronic submission and tracking of invoices.

7. A statement as to whether the qualifying company is a signatory to a code of conduct or standards on payment practices and, if so, the name of that code.

8. A statement as to whether the qualifying company’s payment practices and policies allow the qualifying company to deduct a sum from a payment under a qualifying contract, as a charge to a supplier to remain on the qualifying company’s list of suppliers or potential suppliers.

Payment performanceI20,I21,I22

9. In relation to the payments made under qualifying contracts within the reporting period, a statement of—

(a)the average number of days taken to make such payments, where day 1 is the first day after the relevant day;

(b)the percentage of those payments which were made, where day 1 is the first day after the relevant day

(i)within the period beginning on day 1 and ending with day 30;

(ii)within the period beginning on day 31 and ending with day 60;

(iii)on or after day 61.

[F10(c)the sum total of those payments which were made, where day 1 is the first day after the relevant day

(i)within the period beginning on day 1 and ending with day 30;

(ii)within the period beginning on day 31 and ending with day 60;

(iii)on or after day 61.F10]

10. In relation to the payments under qualifying contracts that fall due within the reporting period, a statement of the percentage of these payments which were not made within the payment period.

[F1110A.In relation to the payments under qualifying contracts that fall due within the reporting period, a statement of the sum total of these payments which were not made within the payment period.

10B.In relation to the payments under qualifying contracts that fall due within the reporting period, a statement of the percentage of these payments which were not made within the payment period as a result of a dispute.F11]

11. A statement as to whether the qualifying company has during the reporting period deducted a sum from a payment under a qualifying contract, as a charge to a supplier to remain on the qualifying company’s list of suppliers or potential suppliers.

ApprovalI23

12. The name of the director of the qualifying company who has approved the information set out in paragraphs 2 to 11.

InterpretationI24

13. In this Schedule—

average” means the arithmetic mean;

[F12finance provider” means a body corporate that—

(a)

lends money or provides credit in the course of a business,

(b)

arranges or facilitates the provision of debt or equity finance in the course of a business, or

(c)

provides, arranges or facilitates invoice discounting or factoring in the course of a business;F12]

[F12invoiced sum” means a sum payable under an invoice;F12]

payment period” means the period in which a company is contractually required to pay a sum;

relevant day” means the day on which a company receives an invoice or otherwise has notice of an amount for payment;

standard payment terms” means, in relation to a qualifying contract

(a)

the standard terms relating to payment that the qualifying company uses for that type of qualifying contract, or

(b)

where the qualifying company does not use standard terms, the qualifying company’s most frequently used payment terms for that type of qualifying contract.

[F1314.For the purposes of this Schedule—

(a)a payment falls due on the last day of the payment period;

(b)subject to sub-paragraph (d), a payment is made—

(i)when it is received by the supplier, unless sub-paragraph (c) applies, or

(ii)where sub-paragraph (c) applies, when it is received by the finance provider from the qualifying company;

(c)this sub-paragraph applies if there is an arrangement under which—

(i)the supplier receives part payment of an invoiced sum from a finance provider before the end of the payment period; and

(ii)the qualifying company pays the invoiced sum to the finance provider;

(d)where there is any delay in the payment or any part of the payment being received for which the qualifying company is not responsible, the payment is deemed to have been made when it would have been received without that delay.F13]

Regulation 3

[F14Schedule 2Information in relation to qualifying construction contractscross-notes

Introduction

1.For the purposes of regulation 3(1)(b), the information for each reporting period that a qualifying company must publish in relation to qualifying construction contracts is set out in paragraphs 2 to 12.

Information on retention clauses

2.A statement as to whether a qualifying company’s payment practices and policies in relation to qualifying construction contracts

(a)include the use of retention clauses; or

(b)do not include the use of retention clauses.

3.Where a qualifying company makes a statement that paragraph 2(b) applies, paragraphs 4 to 11 do not require the qualifying company to publish any further information.

4.A statement as to which of the following apply—

(a)all the qualifying company’s qualifying construction contracts with its suppliers include retention clauses;

(b)the qualifying company’s standard payment terms include retention clauses; or

(c)retention clauses are included in the qualifying company’s qualifying construction contracts with its suppliers only in specific circumstances.

5.Where the qualifying company makes a statement that paragraph 4(c) applies, a description of the specific circumstances in which retention clauses are included.

6.A statement as to whether there is—

(a)a maximum contract sum below which no retention clause is included in a qualifying construction contract between the qualifying company and its supplier;

(b)a standard percentage rate in retention clauses in qualifying construction contracts between the qualifying company and its suppliers;

(c)a practice of ensuring that a retention clause in a qualifying construction contract between the qualifying company and its supplier is no more onerous than any retention clause in a qualifying construction contract between the qualifying company and its client in that supply chain.

7.Where the qualifying company makes a statement that—

(a)paragraph 6(a) applies, a statement specifying the contract sum;

(b)paragraph 6(b) applies, a statement specifying the standard percentage;

(c)paragraph 6(c) applies, a description of that practice.

8.A description of the mechanism or process for the release of monies deducted or retained by the qualifying company under any retention clause in a qualifying construction contract between the qualifying company and its supplier.

9.The description referred to in paragraph 8 must include information as to whether the release of sums deducted or retained occurs in stages and if so what those stages are.

10.—(1)A statement, expressed as a percentage calculated in accordance with the formula set out in sub-paragraph (2), of the difference between—

(a)the overall value of monies deducted or retained pursuant to retention clauses in qualifying construction contracts between the qualifying company and its suppliers (“sum A”); and

(b)the overall value of monies deducted or retained pursuant to retention clauses in qualifying construction contracts between the qualifying company and its clients (“sum B”).

(2)The formula referred to in sub-paragraph (1) is—

11.—(1)A statement, expressed as a percentage calculated in accordance with the formula set out in sub-paragraph (2), of the difference between—

(a)the overall value of monies deducted or retained pursuant to retention clauses in qualifying construction contracts from payments made by the qualifying company to its suppliers (“sum C”); and

(b)the overall value of monies paid by the qualifying company to its suppliers under all qualifying construction contracts (“sum D”).

(2)The formula referred to in sub-paragraph (1) is—

Approval

12.The name of the director of the qualifying company who has approved the information set out in paragraphs 2 to 11.

Interpretation

13.In this Schedule—

client” means the person to whom the qualifying company supplies goods, services or works pursuant to a qualifying construction contract;

condition” (in the definition of “retention clause”) includes condition that some or all of the monies are not to be released until one or more of the following occur—

(a)

B has met all of its obligations under the contract;

(b)

B has met specified conditions under the contract;

(c)

a period set aside for making good any defects has expired;

contract sum” means the sum of—

(a)

the amount payable to the supplier (“B”) for any goods, services or works supplied by B, in accordance with the terms of the qualifying construction contract; and

(b)

any additional monies payable to B, in accordance with the terms of the qualifying construction contract;

retention clause” means provision in a qualifying construction contract that permits one party to that contract (“A”) to deduct or retain monies equating to a percentage of—

(a)

the amount payable to another party to the contract (“B”) for any goods, services or works supplied by B in accordance with the terms of the qualifying construction contract between A and B;

(b)

an interim payment due to B in accordance with the terms of the qualifying construction contract between A and B; or

(c)

the contract sum of the qualifying construction contract,

until any condition set out in the qualifying construction contract for release or partial release of the monies to is met;

standard payment terms” means, in relation to a qualifying construction contract

(a)

the standard terms relating to payment that the qualifying company uses for qualifying construction contracts; or

(b)

where the qualifying company does not use standard terms, the qualifying company’s most frequently used payment terms for qualifying construction contracts; and

standard percentage rate” means, in relation to a retention clause

(a)

the percentage rate that is always used to calculate the amount deducted or retained in any retention clause in a qualifying construction contract between the qualifying company and its supplier; or

(b)

where the qualifying company uses different percentage rates for calculating the amount deducted or retained pursuant to any retention clause, the most frequently used percentage rate used in retention clauses in qualifying construction contracts between the qualifying company and its suppliers.F14]

(3)

Section 465(3) was amended by S.I. 2015/980.

(4)

Section 466(4) was amended by S.I. 2015/980.

(5)

There are amendments to section 1173 but none is relevant to these Regulations.

Status: There are currently no known outstanding effects for The Reporting on Payment Practices and Performance Regulations 2017.
The Reporting on Payment Practices and Performance Regulations 2017 (2017/395)

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Status of this instrument

footnotecommentarytransitional and savingsin force statusrelated provisionsgeo extentinsert/omitsource countin force adj
C1Reg. 2 modified (E.W.S.) (6.4.2017) by The Limited Liability Partnerships (Reporting on Payment Practices and Performance) Regulations 2017 (S.I. 2017/425), regs. 1(2), 4
C2Reg. 3 modified (E.W.S.) (6.4.2017) by The Limited Liability Partnerships (Reporting on Payment Practices and Performance) Regulations 2017 (S.I. 2017/425), regs. 1(2), 5
C3Reg. 4 modified (E.W.S.) (6.4.2017) by The Limited Liability Partnerships (Reporting on Payment Practices and Performance) Regulations 2017 (S.I. 2017/425), regs. 1(2), 6
C4Reg. 5 modified (E.W.S.) (6.4.2017) by The Limited Liability Partnerships (Reporting on Payment Practices and Performance) Regulations 2017 (S.I. 2017/425), regs. 1(2), 7
C5Reg. 7 modified (E.W.S.) (6.4.2017) by The Limited Liability Partnerships (Reporting on Payment Practices and Performance) Regulations 2017 (S.I. 2017/425), regs. 1(2), 8
C6Reg. 8 modified (E.W.S.) (6.4.2017) by The Limited Liability Partnerships (Reporting on Payment Practices and Performance) Regulations 2017 (S.I. 2017/425), regs. 1(2), 9
C7Sch. modified (E.W.S.) (6.4.2017) by The Limited Liability Partnerships (Reporting on Payment Practices and Performance) Regulations 2017 (S.I. 2017/425), regs. 1(2), 10 (as amended (in relation to each financial year of a limited liability partnership beginning on or after 1.4.2025) by S.I. 2025/75, regs. 1(2)(5), 8(2))
C8Sch. 2 modified (in relation to each financial year of a limited liability partnership beginning on or after 1.4.2025) by The Limited Liability Partnerships (Reporting on Payment Practices and Performance) Regulations 2017 (S.I. 2017/425), reg. 10A (as inserted by S.I. 2025/75, regs. 1(2)(5), 8(3))
F1Words in reg. 1(3) substituted (5.4.2024) by The Reporting on Payment Practices and Performance (Amendment) Regulations 2024 (S.I. 2024/444), regs. 1(2), 2(2)substituted
F2Words in reg. 2 inserted (in relation to each financial year of a company beginning on or after 1.4.2025) by The Reporting on Payment Practices and Performance (Amendment) Regulations 2025 (S.I. 2025/75), regs. 1(2)(4), 3(a)inserted
F3Words in reg. 2 inserted (in relation to each financial year of a company beginning on or after 1.4.2025) by The Reporting on Payment Practices and Performance (Amendment) Regulations 2025 (S.I. 2025/75), regs. 1(2)(4), 3(b)inserted
F4Words in reg. 2 inserted (in relation to each financial year of a company beginning on or after 1.4.2025) by The Reporting on Payment Practices and Performance (Amendment) Regulations 2025 (S.I. 2025/75), regs. 1(2)(4), 3(c)inserted
F5Reg. 3(1) substituted (in relation to each financial year of a company beginning on or after 1.4.2025) by The Reporting on Payment Practices and Performance (Amendment) Regulations 2025 (S.I. 2025/75), regs. 1(2)(4), 4substituted
F6Reg. 6A inserted (in relation to each financial year of a company beginning on or after 1.4.2025) by The Reporting on Payment Practices and Performance (Amendment) Regulations 2025 (S.I. 2025/75), regs. 1(2)(4), 5inserted
F7Words in reg. 11(1) substituted (5.4.2024) by The Reporting on Payment Practices and Performance (Amendment) Regulations 2024 (S.I. 2024/444), regs. 1(2), 2(3)substituted
F8Sch. renumbered as Sch. 1 (in relation to each financial year of a company beginning on or after 1.4.2025) by The Reporting on Payment Practices and Performance (Amendment) Regulations 2025 (S.I. 2025/75), regs. 1(2)(4), 6(1)renumbered
F9Words in Sch. 1 para. 1 substituted (in relation to each financial year of a company beginning on or after 1.4.2025) by The Reporting on Payment Practices and Performance (Amendment) Regulations 2025 (S.I. 2025/75), regs. 1(2)(4), 6(2)substituted
F10Sch. para. 9(c) inserted (5.4.2024) by The Reporting on Payment Practices and Performance (Amendment) Regulations 2024 (S.I. 2024/444), regs. 1(2), 2(4)(a) (with reg. 1(3))this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary.inserted
F11Sch. paras. 10A, 10B inserted (5.4.2024) by The Reporting on Payment Practices and Performance (Amendment) Regulations 2024 (S.I. 2024/444), regs. 1(2), 2(4)(b) (with reg. 1(3))this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary.inserted
F11Sch. paras. 10A, 10B inserted (5.4.2024) by The Reporting on Payment Practices and Performance (Amendment) Regulations 2024 (S.I. 2024/444), regs. 1(2), 2(4)(b) (with reg. 1(3))this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary.inserted
F12Words in Sch. para. 13 inserted (5.4.2024) by The Reporting on Payment Practices and Performance (Amendment) Regulations 2024 (S.I. 2024/444), regs. 1(2), 2(4)(c) (with reg. 1(3))this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary.inserted
F13Sch. para. 14 substituted (5.4.2024) by The Reporting on Payment Practices and Performance (Amendment) Regulations 2024 (S.I. 2024/444), regs. 1(2), 2(4)(d) (with reg. 1(3))this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary.substituted
F14Sch. 2 inserted (in relation to each financial year of a company beginning on or after 1.4.2025) by The Reporting on Payment Practices and Performance (Amendment) Regulations 2025 (S.I. 2025/75), regs. 1(2)(4), 7inserted
I1Reg. 1 in force at 6.4.2017, see reg. 1(2)
I2Reg. 2 in force at 6.4.2017, see reg. 1(2)
I3Reg. 3 in force at 6.4.2017, see reg. 1(2)
I4Reg. 4 in force at 6.4.2017, see reg. 1(2)
I5Reg. 5 in force at 6.4.2017, see reg. 1(2)
I6Reg. 6 in force at 6.4.2017, see reg. 1(2)
I7Reg. 7 in force at 6.4.2017, see reg. 1(2)
I8Reg. 8 in force at 6.4.2017, see reg. 1(2)
I9Reg. 9 in force at 6.4.2017, see reg. 1(2)
I10Reg. 10 in force at 6.4.2017, see reg. 1(2)
I11Reg. 11 in force at 6.4.2017, see reg. 1(2)
I12Sch. para. 1 in force at 6.4.2017, see reg. 1(2)
I13Sch. para. 2 in force at 6.4.2017, see reg. 1(2)
I14Sch. para. 3 in force at 6.4.2017, see reg. 1(2)
I15Sch. para. 4 in force at 6.4.2017, see reg. 1(2)
I16Sch. para. 5 in force at 6.4.2017, see reg. 1(2)
I17Sch. para. 6 in force at 6.4.2017, see reg. 1(2)
I18Sch. para. 7 in force at 6.4.2017, see reg. 1(2)
I19Sch. para. 8 in force at 6.4.2017, see reg. 1(2)
I20Sch. para. 9 in force at 6.4.2017, see reg. 1(2)
I21Sch. para. 10 in force at 6.4.2017, see reg. 1(2)
I22Sch. para. 11 in force at 6.4.2017, see reg. 1(2)
I23Sch. para. 12 in force at 6.4.2017, see reg. 1(2)
I24Sch. para. 13 in force at 6.4.2017, see reg. 1(2)
Defined TermSection/ArticleIDScope of Application
accounting reference periodreg. 7.accounting_rt1yJop
averagepara 13. of Schedule 1average_rta51aI
balance sheet datereg. 5.balance_sh_rt3hqlK
clientpara 13. of Schedule 2client_lgbhBoE
conditionpara 13. of Schedule 2condition_lg4B8bn
construction contractreg. 2.constructi_lgxDYOq
contract sumpara 13. of Schedule 2contract_s_lgrnEYe
directorreg. 2.director_rtz9qJP
filing periodreg. 2.filing_per_rtF9gnZ
finance providerpara 13. of Schedule 1finance_pr_lg2a051
financial yearreg. 2.financial__rtn5QiT
foreign lawreg. 6.foreign_la_rtRuSV2
general thresholdsreg. 5.general_th_rt0iiaz
groupreg. 5.group_rt3Q4y2
group thresholdsreg. 5.group_thre_rtyszH7
invoiced sumpara 13. of Schedule 1invoiced_s_lgFi5f9
parent companyreg. 5.parent_com_rtIE3MT
payment periodpara 13. of Schedule 1payment_pe_rtHZ0JV
qualifying companyreg. 2.qualifying_rtRJgYw
qualifying construction contractreg. 2.qualifying_lgDeRr4
qualifying contractreg. 2.qualifying_rtbPqfj
relevant balance sheet datesreg. 5.relevant_b_rtmvNNQ
relevant daypara 13. of Schedule 1relevant_d_rt7xOiQ
reporting periodreg. 2.reporting__rtuOTqH
retention clausepara 13. of Schedule 2retention__lgPmCRF
standard payment termspara 13. of Schedule 1standard_p_rtaRmco
standard payment termspara 13. of Schedule 2standard_p_lgXO5oI
standard percentage ratepara 13. of Schedule 2standard_p_lgUyXX1
subsidiary undertakingreg. 5.subsidiary_rtPlfln
sum Apara 2. of Schedule 2(“_prnZGO0n
sum Bpara 2. of Schedule 2(“_prn33IBG
sum Cpara 2. of Schedule 2(“_prnBr8QD
sum Dpara 2. of Schedule 2(“_prnqIX3f
the 1996 Actreg. 2.the_1996_A_lge5e4O
the 2006 Actreg. 2.the_2006_A_rt3AhTC
This instrument is derived from the version at www.legislation.gov.uk. To see a list of all amendments (including any to be made) check the resources page for this instrument on their website. Note, the status of this instrument is given above.
This instrument is derived from the version at www.legislation.gov.uk. To see original commencement information, check the resources page associated with this instrument. n.b. commencement information for marked amendments is embedded in the relevant footnote.

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