12Apportionments, allocations etc. relating to local authorities.
(1)The Secretary of State may as respects the year 1966-67 or any subsequent year make such estimates for any area of the product of a rate of one penny in the pound and the standard penny rate product as he considers necessary, and those products so estimated shall then apply for the purpose of making the calculations, apportionments and allocations referred to in section 7(1) of the Act of 1963, or as the case may be, any adjustments required thereto.
(2)In the year 1966-67 and in each subsequent year of revaluation, the calculations, apportionments and allocations referred to in section 7(1) of the Act of 1963 shall be made and adjusted by reference to the product of a rate of one penny in the pound and to the standard penny rate product estimated in relation to that year.