Paragraph 3 C1

England and Wales

(1)

As soon as is reasonably practicable after the end of each chargeable financial year the F1Welsh Ministers shall calculate the following—

(a)

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

(b)

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

(2)

If the aggregate mentioned in sub-paragraph (1)(a) above exceeds that mentioned in sub-paragraph (1)(b) above, a sum equal to the excess shall be—

(a)

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

(b)

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

(3)

If the aggregate mentioned in sub-paragraph (1)(b) above exceeds that mentioned in sub-paragraph (1)(a) above, a sum equal to the excess shall be—

(a)

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

(b)

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

Annotations

F1: Words in Sch. 8 para. 3(1) substituted (with effect in accordance with s. 5(3) of the amending Act) by Local Government Finance Act 2012 (c. 17), Sch. 3 para. 5

C1: Sch. 8 para. 3 modified (8.4.2014) by The Local Government Finance Act 2012 (Transitional Provisions) Order 2014 (S.I. 2014/939), arts. 1, 4