The Billing Authorities (Alteration of Requisite Calculations) (England) Regulations 1992

Calculation of basic amount of tax

4.  The constituents of the calculation required by item P in subsection (3) of section 33 of the 1992 Act are altered by substituting for the words from “shall be” to the end the words

“shall be increased or reduced by the amount calculated in accordance with the following formula, according to whether that amount is positive or negative—

where—

• W is the amount of any sum which the authority estimates will be transferred in the year from its collection fund to its general fund in accordance with section 97(3) of the 1988 Act;

• X is the amount of any sum which the authority estimates will be transferred from its collection fund to its general fund pursuant to the directions under section 98(4) of that Act made on 12th October 1992 and credited to a revenue account for the year;

• Y is the amount of any sum which the authority estimates will be transferred in the year from its general fund to its collection fund in accordance with section 97(4) of that Act;

• Z is the amount of any sum which the authority estimates will be transferred from its general fund to its collection fund pursuant to the directions under section 98(5) of that Act made on 12th October 1992 and charged to a revenue account for the year.”(1).

(1)

The references to section 97(3) and (4) are references to section 97(3) and (4) of the Local Government Finance Act 1988; section 97 was substituted by the Local Government Finance Act 1992, Schedule 10, paragraph 22 in relation to any financial year beginning on or after 1st April 1993.