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Local Government Act 1972
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- UK Public General Acts
- 1972 c. 70
- SCHEDULE 12B
- Paragraph 3
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No versions valid at: 20/11/2001
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- 27/11/2003- Amendment
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Valid from 27/11/2003
3(1)For each subsequent financial year, the sum appropriate to the local authority is the greater of the sum appropriate to the authority for the financial year preceding the year concerned and the sum produced by the following formula—
(2)A is the sum appropriate to the local authority for the financial year preceding the year concerned.
(3)B is the retail prices index for September of the financial year preceding the year concerned.
(4)C is the retail prices index for September of the financial year which precedes that preceding the year concerned except where sub-paragraph (5) below applies.
(5)Where the base month for the retail prices index for September of the financial year mentioned in sub-paragraph (4) above (the first year) differs from that for the index for September of the financial year mentioned in sub-paragraph (3) above (the second year), C is the figure which the Secretary of State calculates would have been the retail prices index for September of the first year if the base month for that index had been the same as the base month for the index for September of the second year.
(6)References in sub-paragraphs (3) to (5) above to the retail prices index are to the general index of retail prices (for all items) published by the Office for National Statistics.
(7)If that index is not published for a month for which it is relevant for the purposes of any of those sub-paragraphs, the sub-paragraph shall be taken to refer to any substituted index or index figures published by that Office.
(8)For the purposes of sub-paragraph (5) above, the base month for the retail prices index for September of a particular year is the month—
(a)for which the retail prices index is taken to be 100, and
(b)by reference to which the index for the September in question is calculated.
(9)In calculating the sum produced by the formula in sub-paragraph (1) above a part of a whole (if any) shall be calculated to two decimal places only—
(a)adding one hundredth where (apart from this sub-paragraph) there would be five, or more than five, one-thousandths, and
(b)ignoring the one-thousandths where (apart from this sub-paragraph) there would be less than five one-thousandths.
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