Local Government Act 1974

10 (1) Subject to any provision made by virtue of section 4(5) of this Act and to paragraph 11 below, the amount of the resources element payable to a local authority for any year shall be an amount arrived at by multiplying the local deficiency in rateable value for that year by the amount in the pound which in accordance with sub-paragraph (3) below is determined as the uniform rate in that year for the authority's area.

(2) For the purposes of sub-paragraph (1) above, " local deficiency in rateable value ", in relation to any authority for any year, means the product of—

(a) the amount by which, in that year, the national standard rateable value per head of population exceeds the rateable value per head of population of the authority's area ; and

(b) the population of the authority's area, determined for that year as mentioned in paragraph 9(1)(b) above.

(3) For the purposes of sub-paragraph (1) above " the uniform rate " in any year for the area of a local authority means the amount in the pound determined by dividing—

(a) so much of the total estimated expenditure to be incurred by the authority during that year (as mentioned in section 2(1) of the [1967 c. 9.] General Rate Act 1967) as falls to be met by the authority out of the general rate for that year, by

(b) the aggregate of the effective rateable values of all the hereditaments in the area of the authority determined as for the purposes of paragraph 9(1) above.