# Local Government Finance Act 1988, Paragraph 21: End of year calculations


(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.

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Source: https://www.legislation.gov.uk/ukpga/1988/41/schedule/7B/paragraph/21 (the official version)
Page: https://openlegislation.uk/local-government-finance-act-1988/schedule-7B/paragraph-21
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.