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Regulation 8 Repayments as a result of a recalculation

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

(1)

Where regulation 7 applies as regards an authority for a financial year, the Secretary of State shall repay to the authority the amount calculated in accordance with paragraph (2) below.

(2)

The amount is the difference between—

(a)

the total of the amounts paid by the authority to the Secretary of State under paragraph 5(5) of Schedule 8 to the Act on relevant days preceding the adjustment day; and

(b)

the amount calculated in accordance with the formula—

A×BC

where—

  • A is the amount recalculated (or last recalculated) as regards the authority under regulation 7(2);

  • B is the total of the amounts directed by the Secretary of State to be paid by the authority on relevant days preceding the adjustment day; and

  • C is the provisional amount having effect as regards the authority immediately before the adjustment day.

(3)

The amount calculated in accordance with paragraph (2) above shall be paid by the Secretary of State at such time as he decides.