205 The rent rebate account.S
(1)A local authority shall keep a rent rebate account for each year.
(2)The authority shall—
(a)credit that account with the amount of rent rebate subsidy payable to them under section 32 of the M1Social Security and Housing Benefits Act 1982;
(b)debit that account with—
(i)the amount of the authority’s rent rebates for the year, and
(ii)the authority’s costs of administering their rent rebates for the year.
(3)Where for any year a deficit is shown in the account, the local authority shall credit the account in respect of that year with an amount equal to the amount of the deficit.