Nature of power to vary terms of collection orderE+W
24(1)A power to vary the payment terms of a collection order includes power to—E+W
(a)substitute terms requiring P to pay by specified instalments on or before specified dates for a term requiring P to pay within a specified period, or
(b)substitute a term requiring P to pay within a specified period for terms requiring P to pay the sum due by specified instalments on or before specified dates.
(2)Subject to sub-paragraph (1), a power to vary the payment terms of a collection order under which the sum due is required to be paid within a specified period is a power to vary the date on or before which the sum due is to be paid.
(3)Subject to sub-paragraph (1), a power to vary the payment terms of a collection order under which the sum due is required to be paid by specified instalments on or before specified dates is a power to vary—
(a)the number of instalments payable;
(b)the amount of any instalment;
(c)the date on or before which any instalment is required to be paid.
(4)This paragraph applies in relation to the variation of the reserve terms as it applies in relation to the payment terms.
Commencement Information
I1Sch. 5 para. 24 wholly in force at 5.4.2004; Sch. 5 para. 24 not in force at Royal Assent see s. 110(1)(2); Sch. 5 para. 24 in force for certain purposes at 23.2.2004 by S.I. 2004/174, art. 4(a); Sch. 5 para. 24 in force for certain further purposes at 29.3.2004 by S.I. 2004/174, art. 4(b); Sch. 5 para. 24 in force for all purposes at 5.4.2004 by S.I. 2004/174, art. 4(c)