Amendment of the Schedule6
1
The Schedule (calculation of the sub-liability) is amended as follows.
2
In paragraph 2—
a
for the definition of “assumed debt” substitute—
“assumed debt” is an amount calculated in accordance with paragraph 4A;
b
for the definition of “local authority share cap” substitute—
“local authority share cap” is an amount calculated in accordance with paragraph 4B;
c
for the definition of “previous quarter” substitute—
“previous financial year” means the financial year before the relevant financial year;
d
omit the definition of “quarter 1”;
e
omit the definition of “sub-liability”;
f
at the appropriate places insert—
“pooling period” means one of the following periods—
- a
a quarter beginning before 1st April 2021;
- b
a financial year beginning on or after 1st April 2021;
“pooling period 1” means the period from 1st April 2012 to 30th June 2012;
“quarter” means one of the following periods—
- a
1st April to 30th June;
- b
1st July to 30th September;
- c
1st October to 31st December;
- d
1st January to 31st March;
“relevant financial year” means, in relation to the calculation of the sub-liability, the financial year to which the calculation relates;
3
In paragraph 3—
a
for “relevant quarter”, in each place it occurs, substitute “relevant financial year”;
b
in sub-paragraph (2), for “previous quarter”, in both places it occurs, substitute “previous financial year”.
4
In paragraph 4—
a
for “relevant quarter”, in each place it occurs, substitute “relevant financial year”;
b
for “previous quarter”, in each place it occurs, substitute “previous financial year”;
c
in the definition of the term C—
i
for “each quarter” substitute “each pooling period”;
ii
for “quarter 1” substitute “pooling period 1”;
d
in the definition of the term F, for “quarters”, in both places it occurs, substitute “pooling periods”;
e
in the definition of the term F**—
i
for “each quarter” substitute “each pooling period”;
ii
for “quarter 1” substitute “pooling period 1”;
f
in the definition of the term L**, for “paragraph 9; and” substitute “paragraph 9(1);”;
g
in the definition of the term M, at the end insert “; and”;
h
after the definition of the term M insert—
N* means the assumed debt for the previous financial year;
O* means the local authority share cap for the previous financial year;
P has the meaning set out in paragraph 9(2);
P* means the value of P for the previous financial year.
5
After paragraph 4 insert—
4A
The assumed debt is—
a
in the financial year beginning on 1st April 2021, the amount of debt assumed to be associated with a local authority in that year as set out in Table A in this Schedule; and
b
in each subsequent financial year—
4B
The local authority share cap is—
a
in the financial year beginning on 1st April 2021, the amount attributable to an authority set out in Table B in this Schedule; and
b
in each subsequent financial year—
.
6
In paragraph 8—
a
omit sub-paragraph (a);
b
in sub-paragraph (b), omit the words from “in quarters other than quarter 1—”.
7
For paragraph 9 substitute—
9
1
L** means—
2
P means—
a
in the financial year beginning on 1st April 2021, 77,988,112.73;
b
in each subsequent financial year—
.
8
In paragraph 10—
a
omit sub-paragraph (a);
b
in sub-paragraph (b), omit the words from “in any” to “2013—”.
9
For Table A substitute the table in Schedule 1.
10
For Table B substitute the table in Schedule 2.