Paragraph 21 End of year calculationsF1

(1)

As soon as is reasonably practicable after the end of each year, the Secretary of State must calculate—

(a)

the aggregate of the items of account credited to the levy account kept for the year, and

(b)

the aggregate of the items of account debited to the levy account kept for the year.

(2)

If the aggregate mentioned in sub-paragraph (1)(a) exceeds that mentioned in sub-paragraph (1)(b), an amount equal to the excess must be—

(a)

debited (as an item of account) to the levy account kept for the year, and

(b)

credited (as an item of account) to the levy account kept for the next year.

(3)

If the aggregate mentioned in sub-paragraph (1)(b) exceeds that mentioned in sub-paragraph (1)(a), an amount equal to the excess must be—

(a)

credited (as an item of account) to the levy account kept for the year, and

(b)

debited (as an item of account) to the levy account kept for the next year.

Annotations

F1: Sch. 7B inserted (with effect in accordance with s. 1(6) of the amending Act) by Local Government Finance Act 2012 (c. 17), s. 1(4), Sch. 1