Local Government Finance Act 1988

[97 F1 Principal transfers between funds. E+W

(1) Subject to subsection (2) below, a billing authority which has made calculations in accordance with sections [F2 31A, 31B and 34 to 36] of the Local Government Finance Act 1992 (originally or by way of substitute) shall transfer from its collection fund to its general fund an amount which shall be calculated by applying the formula—

where—

B is the amount calculated (or last calculated) by the authority under section [F3 31B(1)] of that Act as the basic amount of its council tax;

T is the amount determined for item T in section [F4 31B(1)] of that Act.

(2) Where the amount given by subsection (1) above is a negative amount, the authority shall transfer the equivalent positive amount from its general fund to its collection fund.

(3) Where in accordance with regulations under section 99(3) below a billing authority has estimated that there is a surplus in its collection fund for the preceding year, it shall transfer from its collection fund to its general fund an amount equal to so much of the surplus as, in accordance with the regulations, the authority calculates to be its share.

(4) Where in accordance with regulations under section 99(3) below a billing authority has estimated that there is a deficit in its collection fund for the preceding year, it shall transfer from its general fund to its collection fund an amount equal to so much of the deficit as, in accordance with the regulations, the authority calculates must be borne by it.

[F5 (4A) Where in accordance with regulations under section 99(3A) below a billing authority is required to share any amount, it shall transfer from its collection fund to its general fund so much of that amount as, in accordance with the regulations, it calculates to be its share]

(5) In this section and sections 98 and 99 below, any reference to a billing authority’s general fund shall be construed in relation to the Common Council as a reference to the City fund.]

Textual Amendments

F1 S. 97 substituted (6.3.1992) by 1992 c. 14, s. 104, Sch. 10 Pt. III para.22 (with s. 118(1)(2)(4))

F2 Words in s. 97(1) substituted (3.12.2011) by Localism Act 2011 (c. 20), s. 240(2), Sch. 7 para. 4(a); S.I. 2011/2896, art. 2(i)

F3 Word in s. 97(1) substituted (3.12.2011) by Localism Act 2011 (c. 20), s. 240(2), Sch. 7 para. 4(b); S.I. 2011/2896, art. 2(i)

F4 Word in s. 97(1) substituted (3.12.2011) by Localism Act 2011 (c. 20), s. 240(2), Sch. 7 para. 4(c); S.I. 2011/2896, art. 2(i)

F5 S. 97(4A) inserted (18.11.2003) by Local Government Act 2003 (c. 26), ss. 70(5), 128(3)(a); S.I. 2003/2938, art. 2(a) (with art. 8 Sch.)

Modifications etc. (not altering text)

C1 S. 97 restricted (6.3.1992) by 1992 c. 14, s. 62(2) (with s. 118(1)(2)(4))

S. 97 modified (27.7.1999) by 1992 c. 14, s. 52k(2) (as inserted by 1999 c. 27, s. 30, Sch. 1 Pt. I para. 1)

S. 97 modified (27.7.1999) by 1992 c. 14, s. 52V(3)(as inserted by 1999 c. 27, s. 30, Sch. 1 Pt. I para. 1)

C2 Ss. 97, 98 modified by 1992 c. 14, s. 52ZI(2)(3) (as inserted (3.12.2011) by Localism Act 2011 (c. 20), ss. 72(1), 240(2), Sch. 5; S.I. 2011/2896, art. 2(i))

C3 Ss. 97, 98 modified by 1992 c. 14, s. 52ZW(4) (as inserted (3.12.2011) by Localism Act 2011 (c. 20), ss. 72(1), 240(2), Sch. 5; S.I. 2011/2896, art. 2(i))