Agricultural and Food Supply Chain Act 2023
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Surpluses and deficiencies | ||
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50. (1) If the total sum received by the regulator on account of levies prescribed under section 49 during a financial year is greater than the regulator’s expenditure on the performance of its functions in respect of unfair trading practices during that financial year, the regulator— | ||
(a) shall apply the surplus to the performance of those functions in the following financial year, and | ||
(b) shall reduce the levies prescribed in relation to the latter financial year accordingly. | ||
(2) If the sum received by the regulator on account of levies prescribed under section 49 during a financial year is less than the regulator’s expenditure on the performance of its functions in respect of unfair trading practices during that financial year, the regulator may prescribe levies in relation to the following financial year sufficient to— | ||
(a) make good the deficiency, and | ||
(b) ensure that the sum received by the regulator on account of such levies during the two financial years taken together fully covers the performance of those functions in those financial years. | ||
(3) In its annual report and annual accounts, the regulator shall include statements of— | ||
(a) amounts collected by way of levies, and | ||
(b) how those amounts were expended. |