Local Government Finance Act 1992

Special authorities' multipliers

5 In Part II of Schedule 7 to the 1988 Act (non-domestic rating: special authorities' multipliers), in paragraph 9, for sub-paragraphs (3) and (4) there shall be substituted the following sub-paragraphs—

“(3) The multiplier must be not greater than the required maximum for the year.

(4) The required maximum for the year shall be calculated in accordance with the formula—

where—

• A is the non-domestic rating multiplier for the year determined in accordance with Part I of this Schedule,

• B is a percentage prescribed for the year by order made by the Secretary of State,

• C is the amount calculated (or last calculated) for the year by the authority under section 32(4) of the Local Government Finance Act 1992,

• D is an amount determined by the Secretary of State for the year and notified by him to the authority before 1 March in the preceding financial year,

• E is the total of the rateable values shown in the authority’s local non-domestic rating list on 31 December in the preceding financial year, and

• F is a factor determined by the Secretary of State for the year and notified by him to the authority before 1 March in the preceding financial year.

(5) An order under sub-paragraph (4) above in its application to a particular financial year (including an order amending or revoking another) shall not be effective unless it comes into force before 1 March in the preceding financial year.”