OpenLegislation

Paragraph 6 Excess amounts – estimated surpluses

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Where, having taken into account the 2007 estimate, the 2008 estimate, the 2008 revised estimate or the estimate (as the case may be), and any other relevant information available to him, it appears to the Secretary of State that the total amount likely to be credited to an authority’s FPF in the year in question will exceed the total amount likely to be payable out of their FPF in that year, he shall require the authority to pay to him an amount equal to 80 per cent of the likely surplus.

(2)

Subject to paragraph (3), where, having taken into account any revised estimate and any other relevant information available to him, it appears to the Secretary of State that—

(a)

the total amount likely to be credited to the authority’s FPF in the year in question will exceed the total amount likely to be payable out of the authority’s FPF in that year; and

(b)

80 per cent of the difference between those total amounts is more than—

(i)

the amount paid or payable by the authority to him under paragraph (1) in relation to the year in question; or

(ii)

where no such amount was paid or payable by the authority, zero,

he may require the authority to pay to him such amount as he may by notice specify.

(3)

The aggregate of the amounts paid to the Secretary of State under paragraphs (1) and (2) in relation to a particular year shall not exceed 80 per cent of the authority’s likely surplus for that year.

(4)

Where the Secretary of State requires the authority to pay an amount to him by virtue of paragraph (2), any amount paid or payable by the Secretary of State to the authority under rule 5(1), shall not be payable and, if already paid, the authority shall repay it to the Secretary of State.

(5)

The Secretary of State shall give to the authority, on or before 3rd March in the year in question, written notice of the amount of any payment that he requires the authority to make under paragraph (1) or (2).

(6)

An amount payable or repayable by the authority to the Secretary of State under paragraph (1), (2) or (4) shall be paid or repaid in March in the year in question.