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Local Government Finance Act 1988

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This is the original version (as it was originally enacted).

Credits and debits

2(1)For each chargeable financial year the following shall be credited (as items of account) to the account kept for the year—

(a)sums received by the Secretary of State in the year under section 54 above,

(b)sums received by him in the year under regulations made under section 59(2) above, and

(c)sums received by him in the year under paragraph 5 below.

(2)For each chargeable financial year the following shall be debited (as items of account) to the account kept for the year—

(a)payments made by the Secretary of State in the year under paragraph 5(10) below or under regulations made under paragraph 6(5) below, and

(b)payments made by him in the year under paragraph 9, 12, or 13 below (as the case may be).

3(1)As soon as is reasonably practicable after the end of each chargeable financial year the Secretary of State shall calculate the following—

(a)the aggregate of the items of account credited to the account kept for the year, and

(b)the aggregate of the items of account debited to the account kept for the year.

(2)If the aggregate mentioned in sub-paragraph (1)(a) above exceeds that mentioned in sub-paragraph (1)(b) above, a sum equal to the excess shall be—

(a)debited (as an item of account) to the account kept for the year, and

(b)credited (as an item of account) to the account kept for the next financial year.

(3)If the aggregate mentioned in sub-paragraph (1)(b) above exceeds that mentioned in sub-paragraph (1)(a) above, a sum equal to the excess shall be—

(a)credited (as an item of account) to the account kept for the year, and

(b)debited (as an item of account) to the account kept for the next financial year.

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