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Local Government Finance Act 2012

Part 1: Main non-domestic rating accounts

68.Paragraph 1 places a requirement on the Secretary of State, each year, to keep a main non-domestic rating account and sets the overarching administrative requirements for keeping the account.

69.Paragraph 2 defines the credits and debits to the main rating account for the year. Credits to the account in the year comprise non-domestic rates from ratepayers liable for non-domestic rates under the central list; contributions in aid in respect of hereditaments exempt from local non-domestic rating; payments by billing authorities in respect of any surplus on the collection fund in relation to non-domestic rates; payments in respect of the central share of non-domestic rates; payments by relevant authorities following a local government finance report and any amending report; transitional protection payments made to the Secretary of State and reconciliation payments with respect to amounts disregarded under paragraph 42. Debits to the account in the year comprise payments to billing authorities in respect of any deficit on the collection fund in relation to non-domestic rates; any reconciliation payments due in respect of the central share of non-domestic rates; payments to relevant authorities following a local government finance report and any amending report; transitional protection payments and reconciliation payments with respect to amounts disregarded under paragraph 42. Sub-paragraph (3) provides that a further amount may be debited following a local government finance report. This amount can only be used for the purposes of local government in England, which includes the making of payments to billing and precepting authorities and levying bodies as specified in sub-paragraph (5).

70.Paragraph 3 requires the Secretary of State, as soon as reasonably practicable after the end of the year, to calculate the aggregate of items credited and debited to the main non-domestic rating account for the year. Any resulting credit or debit for that year is to be credited or debited as appropriate to the main non-domestic rating account for the next year. (For example, if the aggregate of credits to the account is greater than the aggregate of debits, the excess is debited from the main non-domestic rating account for that year to produce a nil balance, and credited to the main non-domestic rating account for the next year, and vice versa.)

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