Paragraph 5 Calculation for major precepting 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 if the circumstances mentioned in paragraph 2(c) alone applies or if the circumstances mentioned in paragraph 2(c) and (d) both apply.

For the purposes of regulations 9 and 10, the retained rates income for the financial year beginning on 1st April 2013 of an authority that is a major precepting authority is calculated by adding to the amount calculated in accordance with paragraph 2 of Schedule 1 the amount calculated in accordance with the formula—

Where—

• S is calculated as in paragraph 2 of Schedule 1; and

• W is the sum of the provision for refunds in respect of previous years that every billing authority from whom the major precepting authority received non-domestic rating income has included in its end of year calculations.