The Local Government Changes for England (Collection Fund Surpluses and Deficits) Regulations 1995

Payments and transfers under regulations 4 to 7

8.—(1) Where an authority is required by regulation 4(6) or 6(5) to make a payment to another authority, or a billing authority is required by regulation 4(7) or 6(7) to make a transfer to or from its collection fund, such payment or transfer shall be made in the initial year.

(2) Where an authority is required by regulation 5(6) or 7(6) to make a payment to another authority, or a billing authority is required by regulation 5(7) or 7(8) to make a transfer to or from its collection fund, such payment or transfer shall be made —

(a) if the audit adjustment is calculated or notified by or to an authority after the date on which that authority has made its calculations for the following financial year, in the financial year beginning two years after the beginning of the financial year in which the audit adjustment is calculated or notified; and for the purposes of this paragraph “calculations” means calculations made, in the case of a billing authority, in accordance with sections 32 and 33 of the 1992 Act, and in the case of a major precepting authority, in accordance with sections 43 and 44 of that Act, or

(b) in any other case, in the financial year immediately following the year in which the authority calculates its audit adjustment, or its audit adjustment is notified to it, as the case may be.