Housing Act 1985

4 (1) An account shall be kept by the local housing authority for the period during which the control order is in force showing—

(a) the surpluses on revenue account as settled by the scheme, and

(b) the expenditure incurred by the authority in carrying out works of which particulars were given in the scheme;

and balances shall be struck in the account at half-yearly intervals so as to ascertain the amount of that expenditure which cannot be set off against those surpluses.

(2) So far as, at the end of a half-yearly period, the expenditure is not so set off, it shall carry interest, at such reasonable rate as the authority may determine, until it is so set off or until the charge arising under paragraph 16 of this Schedule (recovery of expenditure when control order ceases to have effect) is satisfied.

(3) So far as there is a sum out of the surpluses on revenue account not required to meet expenditure incurred by the authority, it shall go to meet interest under sub-paragraph (2).