# The Local Authorities (Capital Finance) Regulations 1997, Paragraph 2

Extent: E+W
Status: prospective

The authority’s commutation adjustment for the current year shall be determined in accordance with the formula—
G-(M+I+IR) where—
“G” is the aggregate of the following amounts—
(a) where commuted payments were calculated by the Secretary of State on the basis of calculations of periodic payments contained in a notice given by the authority, the amount of periodic payments which, according to the notice, the authority would have received in the current year if no payments had been commuted; and
(b) the total amount, if any, calculated by the authority for the current year in accordance with Part IV of Schedule 6 to the 1990 Regulations;
“I” is the amount of interest savings determined in accordance with paragraph 6;
“IR” is the amount in respect of interest determined in accordance with paragraph 9; and
“M” is the amount of the authority’s minimum revenue provision savings determined for the current year in accordance with Part 3 of this Schedule.

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Source: https://www.legislation.gov.uk/uksi/1997/319/schedule/2/paragraph/2 (the official version)
Page: https://openlegislation.uk/local-authorities-capital-finance-regulations-1997/schedule-2/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.