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(1)Where in the standard year a special rate is levied in any area within a county, the loss on account of that rate shall be ascertained in accordance with the rules set out in Part I of the Seventh Schedule to this Act, and—
(a)the sum to be set aside out of the county apportionment in respect of the landward area and payable to the county council for behoof of the landward area shall in respect of each year during the first four fixed grant periods be increased by a sum equal to the appropriate percentage of the loss on account of the special rate incurred by the area within which the special rate is leviable; and
(b)there shall be allocated, to the landward area by the county council out of the General and Additional Exchequer Grants payable to that council in each year during the first and second fixed grant periods a sum equal to twenty-five per cent. of that loss, and thereafter such sum as the county council may determine.
(2)Any sum paid or allocated under this section shall be applied by the county council to such purposes and in such manner as may be prescribed.
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