F1SCHEDULE 7BLocal retention of non-domestic rates
Part 6Levy accounts
Levy accounts
19
(1)
The Secretary of State must, for each year, keep an account, to be called a “levy account”.
(2)
Each such account must be kept in accordance with the provisions of this Schedule that apply to a levy account.
(3)
The Secretary of State—
(a)
must keep each such account in such form as the Treasury may direct, and
(b)
must, at such time as the Treasury may direct, send copies of each such account to the Comptroller and Auditor General.
(4)
The Comptroller and Auditor General—
(a)
must examine, certify and report on any account of which copies are sent to the Comptroller and Auditor General under sub-paragraph (3), and
(b)
must arrange for copies of the account and of the Comptroller and Auditor General’s report on it to be laid before each House of Parliament.
Credits and debits
20
(1)
For each year the following are to be credited (as items of account) to the levy account kept for the year—
(a)
amounts received by the Secretary of State in the year under paragraph 24 (levy payments), and
(b)
amounts received by the Secretary of State in the year under regulations under paragraph 28 (payments on account).
(2)
If a local government finance report for a year has been approved by resolution of the House of Commons, and that report provides for an amount to be credited to the levy account kept for the year, that amount may be credited (as an item of account) to that account.
(3)
For each year the following are to be debited (as items of account) to the levy account kept for the year—
(a)
payments made by the Secretary of State in the year under paragraph 27 (safety net payments),
(b)
payments made by the Secretary of State in the year under regulations under paragraph 28, and
(c)
payments made by the Secretary of State in the year under paragraph 30 (distribution of remaining balance).
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.