Paragraph 5 Calculation for major precepting authoritiesF1

The retained rates income of an authority that is a major precepting authority is the sum of—

Subject to sub-paragraph (3), the amount mentioned in sub-paragraph (1)(b) is whichever is the smaller of the amounts calculated in accordance with sub-paragraphs (4) and (5).

Where either of the amounts calculated in accordance with sub-paragraphs (4) or (5) is zero, or less than zero, the amount mentioned in sub-paragraph 1(b) is zero.

The amount is calculated in accordance with the formula—

The amount is calculated in accordance with the formula—

.