Paragraph 4 Calculation for billing authorities for the financial years beginning on 1st April 2014, 1st April 2015, 1st April 2016 and 1st April 2017F1

This paragraph has effect in respect of the financial years beginning on 1st April 2014, 1st April 2015, 1st April 2016 and 1st April 2017.

For the purposes of regulations 9 and 10, the retained rates income for the financial years beginning on 1st April 2014 of an authority that is a billing authority is calculated by deducting from 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.

For the purposes of regulation 7 (safety net on account) and regulations 9 and 10, the retained rates income for the financial years beginning on 1st April 2015, 1st April 2016 and 1st April 2017 of an authority that is a billing authority is calculated by deducting from the amount calculated in accordance with paragraph 1 of Schedule 1 the amount calculated in accordance with subparagraph (2).