(1)The Secretary of State shall pay to any rating authority granting rate rebates in respect of any rebate period beginning on or after 16th May 1974 under the standard scheme or under the standard scheme as varied under section 114 of this Act a grant equal to nine tenths of the aggregate net standard amount of rate rebates for the financial year in which that rebate period, or part thereof, falls.
(2)In subsection (1) above the reference to the aggregate net standard amount of rate rebates for a financial year shall be construed, in relation to any rating authority—
(a)except in such a case as is mentioned in paragraph (b) below, as a reference to the aggregate net amount granted by that authority by way of rate rebates for that year;
(b)in a case where that authority have varied the standard scheme under section 114 of this Act, as a reference to the aggregate net amount which would have been granted by that authority by way of rate rebates for that year if they had not so varied the standard scheme ;
calculated or estimated by following such methods and principles as the Secretary of State may direct, either generally or in any particular case.
(3)Any grant payable under this section to a rating authority shall be paid at such times as the Secretary of State may with the consent of the Treasury determine.