Paragraph 7 Calculation for major precepting 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 if the circumstances in paragraph 2(c) alone applies or if the circumstances in paragraph 2(c) and (d) apply.

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

For the purposes of regulations 7, 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 major precepting authority is calculated by deducting from the amount calculated in accordance with paragraph 2 of Schedule 1 the amount calculated in accordance with subparagraph (2).