- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
2.—(1) The Local Authorities (Funds) (England) Regulations 1992(1) are amended in accordance with paragraphs (2) to (4) below.
(2) In regulation 2(2) (interpretation)—
(a)at the end of sub-paragraph (d) omit “and”, and
(b)at the end of sub-paragraph (e) insert “, and” followed by—
“(f)pay anything from its collection fund in respect of a variation to any payment or instalment of a payment relating to a precept agreed between that billing authority and a major precepting authority under paragraph 6(3)(b) of Schedule 1A to the 1992 Act(2) in the circumstances described in regulation 10A or paragraph 6(4A) of Schedule 2.”.
(3) After regulation 10 insert—
10A. Where, as regards a financial year beginning in or after 2014—
(a)a billing authority has made the estimate required by regulation 10,
(b)there is no surplus or deficit in its collection fund for the preceding financial year, and
(c)a variation to any payment or instalment of a payment relating to a precept issued (or last issued) to a billing authority by a major precepting authority for the preceding financial year under section 40(2)(b) of the 1992 Act was agreed between the billing authority and that major precepting authority under paragraph 6(3)(b) of Schedule 1A to the 1992 Act,
the billing authority shall, in discharging its liability to pay the amount of the variation to that major precepting authority, treat that amount for the purposes of regulation 3(6) as if it were that major precepting authority’s share of a surplus in the collection fund for that year, calculated in accordance with regulation 11.”.
(4) In Schedule 2—
(a)in paragraph 2(4)(b)(i) after “regulation 3” insert—
“disregarding any variation to any payment or instalment of a payment relating to a precept as agreed between the billing authority and the major precepting authority under paragraph 6(3)(b) of Schedule 1A to the 1992 Act”;
(b)for paragraph 6(4) substitute—
“(4) Subject, in the financial year beginning on 1st April 2000, to sub-paragraphs (5) to (13) below, the amount of any surplus which is to be a relevant major precepting authority’s share or of any deficit which is to be borne by that authority for the year shall be calculated by applying the formula—
(A x (D divided by (B + C))) + L
where—
A, B and C have the same meanings as in sub-paragraphs (2) and (3),
D is the amount stated by that precepting authority in a precept issued (or last issued) to a billing authority for the year under section 40(2)(b) of the 1992 Act,
L is the amount of any variation to any payment or instalment of a payment relating to a precept as agreed between the billing authority and that major precepting authority under paragraph 6(3)(b) of Schedule 1A to the Local Government Finance Act 1992(3), expressed as a positive amount where the calculation concerns a surplus and a negative amount where the calculation concerns a deficit.”; and
(c)after paragraph 6(4) insert—
“(4A) Where the amount given by sub-paragraph (4) is a negative amount, the billing authority shall be liable to pay the equivalent positive amount to that major precepting authority and shall treat that equivalent positive amount for the purposes of regulation 3(6) as if it were that major precepting authority’s share of a surplus in the collection fund for that year, calculated in accordance with regulation 11.”.
S.I. 1992/2428. Relevant amendments were made by S.I. 2009/2543.
1992 c.14. Schedule 1A was inserted by the Local Government Finance Act 2012 (section 10 and paragraph 1 of Schedule 4).
1992 c.14. Schedule 1A was inserted by section 10 of and Schedule 4 to the Local Government Finance Act 2012 (c.17).
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: