740AIncrease of fee amounts

740A Increase of fee amounts (1) This section applies to a fee payable under section 740, including a fee whose amount has already been increased by a previous application or applications of this section. (2) At the start of 1 July of each year, starting with 1 July 2016, the amount of the fee is increased from the amount that applied immediately before that 1 July, in accordance with the method prescribed by the national regulations for the purposes of this section. In some circumstances, the operation of the method can result in no increases occurring on a particular 1 July.

(3) A recommendation of the responsible Ministers for national regulations prescribing a method for the increase of fees may not be made unless the responsible Ministers are satisfied the method generally accords with increases in relevant inflation indexes or similar indexes. (4) As soon as practicable, but before 1 July of each year, the Regulator must, by public notice, publish the amounts of each fee applying as from that date.