118.This section requires a principal council that has introduced the visitor levy to maintain a separate account for the proceeds of that visitor levy. The section also provides a definition of the “proceeds of the levy”. The proceeds of the levy are the net revenues a principal council receives after the costs of collection and disbursements are deducted (see section 24A of the TCMA 2016, as inserted by Part 2 of Schedule 2 to the Act).
Commentary on Sections Part 3 – Visitor Levy Chapter 3 – Use of Proceeds of Levy by Principal Councils Section 43 – Principal council account for proceeds of the levy