129T.— (1) As soon as is reasonably practicable after termination of a BID scheme under section 129S or after a scheme is no longer in force and is not renewed, the rating authority concerned shall give written notice of the termination to—

(a) if the termination occurs during a chargeable period under the scheme, those persons liable to pay a BID contribution levy for that chargeable period, and

(b) if the scheme is no longer in force and is not renewed under section 129B, those persons most recently liable to pay the BID contribution levy when the scheme was in force.

(2) The written notice referred to in subsection (1) shall explain if a refund is to be made under subsection (4).

(3) Subsection (4) applies if, after deducting—

(a) all costs incurred by the rating authority in performing functions related to the BID scheme, and

(b) all costs that the rating authority expects to incur in the performance of its functions under this part,

there is a credit to the relevant BID fund that would, when divided between the BID levypayers who paid the most recent BID contribution levy owing before the scheme’s termination (and divided on a basis proportionate to their contribution to the annual BID contribution for the most recent chargeable period), enable a refund of at least €50 to each of those levypayers.

(4) The rating authority shall—

(a) after making the deductions described in subsection (3)(a) and (b), calculate the amount of the credit to the relevant BID fund that is to be refunded to each BID levypayer described in that subsection, and

(b) make arrangements for those refunds to be made.

(5) If subsection (3) does not apply, the rating authority shall transfer the credit balance in the relevant BID fund to the credit of the local fund of the rating authority.]