PART XIII GENERAL FINANCIAL PROVISIONS

Housing subsidy

425The local contribution differential.

(1)

A F1new town corporation’s local contribution differential for a year of account is the amount by which their reckonable income for that year exceeds their reckonable income for the preceding year (and accordingly is nil or, as the case may be, a negative amount if their reckonable income for the year is the same as or less than that for the preceding year).

(2)

F2A corporation’s reckonable income for a year is the amount which, in accordance with any determination made by the Secretary of State, the F3corporation are assumed to receive for that year as income which they are required to carry to their F2housing account including—

(a)

any contribution made by the F3corporation out of their F2general revenue account, and

(b)

any rent rebate subsidy payable under F4F5section 140Aof the Social Security Administration Act 1992,

but excluding any other subsidy, grant or contribution.

(3)

A determination shall state the assumptions on which it is based and the method of calculation used in it, and in making it the Secretary of State shall have regard, amongst other things, to past and expected movements in incomes, costs and prices.

F6(4)

A determination may be made for all new town corporations or different determinations may be made for different corporations or groups of corporations.

(5)

Before making a determination for all F7new town corporations the Secretary of State shall consult organisations appearing to him to be representative of F7new town corporations.

(6)

A determination shall be made known to the F8corporations for which it is made in the year preceding the year of account for which it is to have effect.