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Local Government Finance Act 1988

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Changes over time for: Paragraph 3

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Point in time view as at 26/12/2023.

Changes to legislation:

Local Government Finance Act 1988, Paragraph 3 is up to date with all changes known to be in force on or before 28 February 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. Help about Changes to Legislation

End of year calculationsE+W

[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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