# Local Government Finance Act 1992, Paragraph 5


In Part II of Schedule 7 to the 1988 Act (non-domestic rating: special authorities’ multipliers), in paragraph 9, for sub-paragraphs (3) and (4) there shall be substituted the following sub-paragraphs—
“(3) The multiplier must be not greater than the required maximum for the year.
(4) The required maximum for the year shall be calculated in accordance with the formula—
A+B(C-D)E×Fwhere—
A is the non-domestic rating multiplier for the year determined in accordance with Part I of this Schedule,
B is a percentage prescribed for the year by order made by the Secretary of State,
C is the amount calculated (or last calculated) for the year by the authority under section 32(4) of the Local Government Finance Act 1992,
D is an amount determined by the Secretary of State for the year and notified by him to the authority before 1 March in the preceding financial year,
E is the total of the rateable values shown in the authority’s local non-domestic rating list on 31 December in the preceding financial year, and
F is a factor determined by the Secretary of State for the year and notified by him to the authority before 1 March in the preceding financial year.
(5) An order under sub-paragraph (4) above in its application to a particular financial year (including an order amending or revoking another) shall not be effective unless it comes into force before 1 March in the preceding financial year.”

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Source: https://www.legislation.gov.uk/ukpga/1992/14/schedule/10/paragraph/5 (the official version)
Page: https://openlegislation.uk/local-government-finance-act-1992/schedule-10/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.