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Paragraph 4 Calculations by Designated Authorities

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

The second calculation is—

(I+J+K)-(L+M)

where—

  • I is the amount found by the first calculation in paragraph 2 above;

  • J is the aggregate of—

    1. (i)

      the book value of so much of the item in the final accounts which relates to debts owed by the relevant authority as is attributable to debts the liability for which has been transferred to the participant authority; and

    2. (ii)

      so much of the item in those accounts relating to receipts in advance as, in the designated authority’s opinion, is attributable to the participant authority;

  • K is an amount in respect of relevant capital receipts determined in accordance with paragraph 5 below;

  • L is the amount which is the aggregate of—

    1. (a)

      the net book value of so much of the item in the final accounts which relates to stocks as is attributable to property which has been transferred to the participant authority; and

    2. (b)

      so much of the item in those accounts relating to payments in advance as, in the designated authority’s opinion, is attributable to the participant authority;

  • M is the net book value of so much of the item in the final accounts which relates to debts owed to the relevant authority as is attributable to debts the right to which has been transferred to the participant authority.