611. Initial levy.

Regulations1 must make provision for imposing a levy ('the initial levy') in respect of eligible schemes2 for the period ('the initial period') which: (1) begins with the day appointed for this purpose by the regulations; and (2) ends on the following 31 March or, if the regulations so provide, 12 months after the day referred to in head (1)3. The regulations must prescribe: (a) the factors by reference to which the initial levy is to be assessed; (b) the rate of the levy; and (c) the time or times during the initial period when the levy, or any instalment