End of year payments7

1

The end of year payment (if any) due shall be calculated according to the formula—

E − F − G + Hmath

Where—

E is the authority's deemed rating income for the relevant year certified in accordance with regulation 6;

F is the authority's actual rating income for the relevant year certified in accordance with regulation 6;

G is the amount of any payments on account made by the Secretary of State to the authority in accordance with regulation 5;

H is the amount of any payments on account made by the authority to the Secretary of State in accordance with regulation 5.

2

If the amount calculated in accordance with paragraph (1) is a positive figure, the Secretary of State must pay that amount to the authority.

3

If the amount calculated in accordance with paragraph (1) is a negative figure, the authority must pay that amount to the Secretary of State.

4

If the amount calculated in accordance with paragraph (1) is zero, no payment is due.

5

A payment under this regulation is to be made as soon as reasonably practicable following the receipt by the Secretary of State of the certification sent to him in accordance with regulation 6(2).