On or before 15th February in each year the LRB shall notify each inner London council of its estimate of the amount to be paid by that council in accordance with article 5 in respect of the next financial year; and on or before 31st August 1990 of the amount to be so paid in respect of the financial year ending on 31st March 1991.

On 30th September and 31st March in each year each inner London council shall pay to the LRB one half of the amount referred to in article 4(2) and one half of the amount notified to the council as the LRB’s estimate of the amount payable in accordance with article 5 in respect of that year.

On or before 31st August in each year commencing with the financial year beginning on 1st April 1991 the LRB shall notify each inner London council of the actual amount payable by that council in accordance with article 5 in respect of the preceding financial year. Any difference between that amount and the amounts paid by the council in respect of interest for that year in accordance with paragraph (2) above shall be paid by the council to the LRB or, as the case may be, by the LRB to the council, on 30th September.