Paragraph 9 I1

England and Wales Not yet in force

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

Sch. 2 para. 1 coming into force by Local Authorities (Capital Finance) 1997 reg. 1(1)(b)
Sch. 2 para. 2 coming into force by Local Authorities (Capital Finance) 1997 reg. 1(1)(b)
Sch. 2 para. 3 coming into force by Local Authorities (Capital Finance) 1997 reg. 1(1)(b)
Sch. 2 para. 4 coming into force by Local Authorities (Capital Finance) 1997 reg. 1(1)(b)
Sch. 2 para. 5 coming into force by Local Authorities (Capital Finance) 1997 reg. 1(1)(b)
Sch. 2 para. 6 coming into force by Local Authorities (Capital Finance) 1997 reg. 1(1)(b)
Sch. 2 para. 7 coming into force by Local Authorities (Capital Finance) 1997 reg. 1(1)(b)
Sch. 2 para. 8 coming into force by Local Authorities (Capital Finance) 1997 reg. 1(1)(b)
Sch. 2 para. 9 coming into force by Local Authorities (Capital Finance) 1997 reg. 1(1)(b)
Sch. 2 para. 10 coming into force by Local Authorities (Capital Finance) 1997 reg. 1(1)(b)

Subject to paragraph 10, for the purposes of Part 2 of this Schedule, the amount in respect of interest for the current year shall be determined in accordance with the formula—

(S - T) \times R

where—

“S” is the total amount set aside by the authority under section 63(2) as provision to meet credit liabilities in respect of any commuted payments paid to them under section 157(1)(a);
“T” is the total amount which, at any time before the beginning of the current year, has been applied by the authority under section 64(2) for the purpose mentioned in regulation 157(1); and
“R” is a rate of interest which is expressed as a percentage with no more than three decimal places, and is equal to 0.125 per cent. less than the arithmetical mean of the London Inter-Bank Bid rates of interest for three month deposits published during the last year, at monthly intervals, by The Stationery Office.

Annotations

Commencement

I1: Sch. 2 para. 9 in force at 1.4.1997, see reg. 1(1)(b)