# The Rates and Precepts (Final Adjustments) Order 1991, Article 3: Late rating adjustments — calculations and payments


(1) As soon as reasonably practicable after the end of each relevant year each rating authority shall calculate—
(a) where a precepting body other than the Inner London Education Authority issued to it a precept for the financial year beginning in 1989, in relation to that precepting body,
(b) where the Inner London Education Authority issued to it a precept for that financial year, in relation to the London Residuary Body,
the amount ascertained by the application of the formula—
K x ML where—
K is the amount of the late rating adjustments for the relevant year then ended;
L is the rate poundage for the rating authority’s area; and
M is the precept poundage.
(2) Each rating authority shall, as soon as reasonably practicable after it has made a calculation as mentioned in paragraph (1), notify—
(a) where it has calculated an amount in relation to the London Residuary Body, that Residuary Body,
(b) where it has calculated an amount in relation to any other precepting body, that precepting body,
of the amount calculated in relation to it.
(3) Subject to paragraph (4), each rating authority shall, within 28 days of the day on which it notifies a precepting body as mentioned in paragraph (2) or such longer period as may be agreed between the authority and the precepting body, pay to the precepting body the amount so notified.
(4) Where the amount calculated as mentioned in paragraph (1) is a negative amount, the rating authority may recover that amount from the precepting body in question; but it shall not be entitled to do so until at least 28 days have elapsed since the date on which it notified the precepting body in accordance with paragraph (2).

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Source: https://www.legislation.gov.uk/uksi/1991/185/article/3 (the official version)
Page: https://openlegislation.uk/rates-and-precepts-final-adjustments-order-1991/article-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.