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Paragraph 6

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

For the purposes of paragraph 5(2) and (5) above,–

(a)

the amount of any non-housing increase in a local authority’s adjusted credit ceiling in a financial year shall be the aggregate of–

(i)

the amount, if any, by which their adjusted credit ceiling is increased during that year in accordance with paragraph 11(1) of Schedule 3 to the Act in respect of any credit approvals other than credit approvals which fall within section 54(5) or in accordance with paragraph 14(2) of Schedule 3 to the Act provided that no account is taken for this purpose of any increase in the authority’s adjusted credit ceiling falling within paragraph 4(a) above; and

(ii)

the excess amount;

(b)

the amount of any non-housing reduction of a local authority’s adjusted credit ceiling in a financial year (“the year”) shall be the amount, if any, by which–

(i)

the amount, if any, by which their adjusted credit ceiling is reduced during that year in accordance with paragraph 12(1) or 14(1) of Schedule 3 to the Act provided that no account is taken for this purpose of any reduction in respect of amounts set aside by virtue of regulation 25(1)(b) and (2)(c) or, as the case may be, regulation 26(1)(b) and (c) and (2)(c),

exceeds

(ii)

the amount of any housing reduction of the authority’s adjusted credit ceiling in the year by virtue of paragraph 4(b) above;

(c)

in sub-paragraph (a) above, the excess amount is the amount, if any, by which the amount falling within paragraph (ii) of sub-paragraph (b) above exceeds the amount falling within paragraph (i) of that sub-paragraph.