F1SCHEDULE 7BLocal retention of non-domestic rates
Part 6Levy accounts
End of year calculations
21
(1)
As soon as is reasonably practicable after the end of each year, the Secretary of State must calculate—
(a)
the aggregate of the items of account credited to the levy account kept for the year, and
(b)
the aggregate of the items of account debited to the levy account kept for the year.
(2)
If the aggregate mentioned in sub-paragraph (1)(a) exceeds that mentioned in sub-paragraph (1)(b), an amount equal to the excess must be—
(a)
debited (as an item of account) to the levy account kept for the year, and
(b)
credited (as an item of account) to the levy account kept for the next year.
(3)
If the aggregate mentioned in sub-paragraph (1)(b) exceeds that mentioned in sub-paragraph (1)(a), an amount equal to the excess must be—
(a)
credited (as an item of account) to the levy account kept for the year, and
(b)
debited (as an item of account) to the levy account kept for the next year.