The Local Government Reorganisation (Capital Money) (Greater London) Order 1988 No. 359

Article 3(1)

SCHEDULE 1 Additions to net capital receipts

PART 1 Interpretation

1.  In this Schedule—

• “net capital residue” means the direct capital receipts of the Residuary Body in the financial year in question other than those receipts which are attributable to—

  (a)

  the disposal of relevant land or other property purchased by that Body; or

  (b)

  repayments of grants or advances of a capital nature in respect of—

  (i)

  grants or advances made by that Body; and

  (ii)

  grants or advances made to authorities to whom Part VIII of the 1980 Act applies or to the London Transport Executive.

2.  For the purposes of this Schedule, the population of the area of a rating authority shall be taken to be the number estimated by the Registrar General and certified by him to the Secretary of State by reference to the 30th June which falls 21 months before the beginning of the financial year in question.

PART II Formula for the purposes of article 3(1)

3.  The formula is—

where

• A is an amount equal to that part of the net capital residue for the financial year in question which does not consist of housing receipts, less.

(a) the amount, if any, received by the Residuary Body in that year which is attributable to the disposal of the whole or any part of County Hall; and

(b) for the year ending 31st March 1989, a further £20 millions; B is an amount equal to that part of the net capital residue for the financial year in question which is attributable to the housing receipts for that year, less an amount equal to the direct capital receipts which have been applied by the Residuary Body in that year for the purposes of —

(a) making advances of a capital nature; and

(b) making payments to Thamesmead Town in accordance with the provisions of an agreement dated 27th July 1987 and made between that Body and Thamesmead Town; S equals the population of the area of the rating authority in question; T equals the population of the area of all the rating authorities; Y equals that part of the amount of prescribed expenditure first specified for the financial year in question in accordance with section 72(1) of the 1980 Act in relation to the rating authority in question which is referable to the Housing Investment Programme; and Z equals the aggregate of those parts of the amounts of prescribed expenditure so specified in relation to each of the rating authorities which are referable to the Housing Investment Programme; Provided that—

(a) if A is less than zero but B is greater than zero the formula shall be—

(b) if A is greater than zero but B is less than zero the formula shall be—

; and

(c) if both A and B are zero or less than zero, or if the application of either of the formulae specified in subparagraphs

(a) and (b) produces a negative result, the product of the formula shall be deemed to be zero.