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Housing (Financial Provisions) (Scotland) Act 1968

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This is the original version (as it was originally enacted).

2(1)A comparison shall be made between—

(a)the total of the amounts carried to the credit of the local authority's housing revenue account, as adjusted in accordance with this paragraph, for the relevant financial year (in this paragraph referred to as the " credits "), and

(b)the total of the amounts carried to the debit of that account, as adjusted as aforesaid, for that year (in this paragraph referred to as the " debits ").

(2)For the purposes of the comparison required by sub-paragraph (1) of this paragraph—

(a)it shall be assumed that in the credits, for the income for the relevant financial year from rents in respect of the houses to which the said account relates and any amounts carried to the credit of the account for that year under sub-paragraphs (4) and (5) of paragraph 1 of Schedule 7 to this Act, there has been substituted an amount equal to the local authority's total housing valuation for the relevant financial year multiplied by the fraction determined in respect of the relevant financial year by the Secretary of State in accordance with Part IV of this Schedule ;

(b)there shall be excluded from the debits any expenditure by way of rebates from rents ;

(c)there shall be excluded from the debits any surplus shown in the account at the end of the relevant financial year and from the credits any surplus brought forward from the account for the immediately preceding financial year.

(3)If it appears to the Secretary of State that any amount, or part of any amount, carried to the credit or to the debit of the local authority's housing revenue account for the relevant financial year ought to be left out of account for the purposes of the comparison required as aforesaid, he may, after consulting the authority, direct that for the purposes of that comparison the said amount or part of that amount shall be excluded from the credits or from the debits, as the case may be.

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