Point in time view as at 31/10/2012.
Local Government Finance Act 1988, Paragraph 3 is up to date with all changes known to be in force on or before 05 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
[F13(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 main non-domestic rating account kept for the year, and
(b)the aggregate of the items of account debited to the main non-domestic rating 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 main non-domestic rating account kept for the year, and
(b)credited (as an item of account) to the main non-domestic rating 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 main non-domestic rating account kept for the year, and
(b)debited (as an item of account) to the main non-domestic rating account kept for the next year.]
Textual Amendments
F1Sch. 7B inserted (with effect in accordance with s. 1(6) of the amending Act) by Local Government Finance Act 2012 (c. 17), s. 1(4), Sch. 1
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