(1)The total amount recoverable by virtue of section 256 in respect of a school for any financial year shall be such as may be determined (and from time to time revised) in accordance with regulations made by the Secretary of State (“recoupment regulations”).
(2)Subject to any provision made by such regulations by virtue of subsection (3), recoupment regulations shall provide for the total amount so recoverable to be determined by reference to any amount determined under grant regulations as the amount of the maintenance grant payable in respect of the school and the financial year in question (as from time to time revised).
(3)Recoupment regulations may provide for reducing any amount which would otherwise fall to be determined under the regulations as the total amount recoverable from any local education authority by virtue of section 256 for a financial year by reference to any excess amounts recovered under that section in respect of any previous financial year.
(4)For the purposes of subsection (3) an excess amount is recovered under section 256 in respect of a financial year if the aggregate amount of the sums recovered under that section for that year from the local education authority—
(a)in respect of any school in respect of which sums are recoverable from the authority under that section, or
(b)(where there is more than one such school) in respect of both or all of those schools,
exceeds the total amount recoverable in accordance with recoupment regulations in respect of that school or (as the case may be) in respect of both or all of those schools for that year.