Paragraph 3 Calculation for billing authorities for the financial year beginning on 1st April 2013F1

This paragraph has effect in respect of the financial year beginning on 1st April 2013.

For the purposes of regulation 9 (requirement to make a safety net payment) and regulation 10 (requirement to make a levy payment) the retained rates income for the financial year beginning on 1st April 2013 of an authority that is a billing authority is calculated by adding to the amount calculated in accordance with paragraph 1 of Schedule 1 the amount calculated in accordance with the formula—

Where—

• K has the same meaning as in paragraph 1 of Schedule 1; and

• V is the provision for refunds in respect of previous years that the authority has included in its end of year calculation of non-domestic rating income for the financial year beginning on 1st April 2013.