# The Local Authorities (Funds) (England) Regulations 1992, Paragraph 4

Extent: E+W

(1) The schedule of instalments shall be determined so as to require each instalment to represent the amount of the billing authority’s undischarged liability to a principal authority, divided by the number of instalments remaining to be paid or transferred.
(2) The amount of the billing authority’s undischarged liability to a principal authority is the amount of its liability to that authority for the financial year in which the instalment falls to be paid or transferred, less the amount, if any, by which that liability is treated as discharged under regulation 3.
(3) The number of instalments remaining to be paid or transferred means the number of instalments remaining to be paid or transferred immediately before the payment or transfer of the instalment in relation to which an amount is determined under sub-paragraph (1).

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Source: https://www.legislation.gov.uk/uksi/1992/2428/schedule/I/paragraph/4 (the official version)
Page: https://openlegislation.uk/local-authorities-funds-england-regulations-1992/schedule-I/paragraph-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.