Regulation 18 of the Local Government Changes for England (Property Transfer and Transitional Payments) Regulations 1995 (interest) is amended as follows -
(a) for paragraph (3) [Regulation 18(3) was amended by S.I. 1998/1129.] of that regulation (interest on unpaid levies), substitute -
"(3) For the purposes of paragraph (2) above, the reference banks are the seven largest persons for the time being who -
(a) have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits,
(b) are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits, and
(c) quote a base rate in sterling.";
(b) in paragraph (4) of that regulation, for "an institution" substitute "a person" and for "its" (in both places) substitute "his";
(c) in paragraph (5) of that regulation -
(i) in the definition of "consolidated gross assets" for "an institution" substitute "a person" and for "that institution" substitute "that person", and
(ii) the def
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