Local Government Finance Act 1988

End of year calculations E+W

[F1 3 (1) As soon as is reasonably practicable after the end of each year, the Secretary of State must calculate—

(a) the aggregate of the items of account credited to the main non-domestic rating account kept for the year, and

(b) the aggregate of the items of account debited to the main non-domestic rating account kept for the year.

(2) If the aggregate mentioned in sub-paragraph (1)(a) exceeds that mentioned in sub-paragraph (1)(b), an amount equal to the excess must be—

(a) debited (as an item of account) to the main non-domestic rating account kept for the year, and

(b) credited (as an item of account) to the main non-domestic rating account kept for the next year.

(3) If the aggregate mentioned in sub-paragraph (1)(b) exceeds that mentioned in sub-paragraph (1)(a), an amount equal to the excess must be—

(a) credited (as an item of account) to the main non-domestic rating account kept for the year, and

(b) debited (as an item of account) to the main non-domestic rating account kept for the next year.]

Textual Amendments

F1 Sch. 7B inserted (with effect in accordance with s. 1(6) of the amending Act) by Local Government Finance Act 2012 (c. 17), s. 1(4), Sch. 1