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Paragraph 8 Excess amounts – actual 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 un-audited information and any other relevant information available to him, it appears to the Secretary of State that the total amount credited to an authority’s FPF in the year in question exceeds the total amount paid out of the authority’s FPF in that year—

(a)

where the difference between those total amounts (“the un-audited surplus”) exceeds the total of any amounts paid or payable to him by the authority in relation to that year under rule 6(1) or (2) (“the rule 6 total”), he shall require the authority to pay to him the amount of the un-audited surplus less the rule 6 total;

(b)

where the un-audited surplus is less than the rule 6 total, the amount of the rule 6 total less the un-audited surplus shall not be payable under rule 6(1) or (2) and, if already paid, the Secretary of State shall repay it to the authority;

(c)

where no amount was paid or payable to him by the authority in relation to the year in question under rule 6(1) or (2), he shall require the authority to pay to him the amount of the un-audited surplus; and

(d)

any amount paid or payable by him to the authority in relation to that year under rule 5(1) or (2), shall not be payable and, if already paid, the authority shall repay it to the Secretary of State.

(2)

Where, having taken into account the audited information and any other relevant information available to him, it appears to the Secretary of State that the total amount credited to an authority’s FPF in the year in question exceeds the total amount payable out of the authority’s FPF in that year—

(a)

where the difference between those total amounts (“the audited surplus”) exceeds the total of any amounts paid (but not repaid or repayable) or payable to him by the authority in relation to that year under paragraph (1)(a) or (c) or rule 6(1) or (2) (“the un-audited rule 6 total”), he shall require the authority to pay to him out of their FPF the amount of the audited surplus less the un-audited rule 6 total;

(b)

where the audited surplus is less than the un-audited rule 6 total, the amount of the un-audited rule 6 total less the audited surplus shall not be payable under paragraph (1)(a) or (c) or rule 6(1) or (2) and, if already paid, the Secretary of State shall repay it to the authority;

(c)

where no amount was paid or payable to him by the authority in relation to the year in question under paragraph (1)(a) or (c) or rule 6(1) or (2), he shall require the authority to pay to him the amount of the audited surplus; and

(d)

any amount paid or payable by him to the authority in relation to that year under rule 5(1) or (2) or rule 7(1)(a) or (c) shall not be payable and, if already paid, the authority shall repay it to the Secretary of State.

(3)

The Secretary of State shall give to the authority, on or before 3rd July in the financial year after the year in question (“the second year”), written notice of the amount of the payment that he requires the authority to make under paragraph (1)(a) or (c).

(4)

An amount payable or repayable by the authority to the Secretary of State, or vice versa, under paragraph (1), shall be paid or repaid in July in the second year.

(5)

The Secretary of State shall give to the authority, on or before 3rd July in the financial year that is the second financial year after the year in question (“the third year”), written notice of the amount of any payment that he requires the authority to make under paragraph (2)(a) or (c).

(6)

An amount payable or repayable by the authority to the Secretary of State, or vice versa, by virtue of paragraph (2), shall be paid or repaid in July in the third year.