(1)In the year 1948-49 and every subsequent year, the London County Council shall pay to the councils of the metropolitan boroughs mentioned in subsection (2) of this section such sums as may be prescribed in relation to those boroughs respectively by a scheme to be made by the Minister after consultation with the London County Council, the Common Council of the City of London and any association or committee which appears to the Minister to be representative of metropolitan borough councils.
(2)The metropolitan boroughs to the councils of which payments are to be made under subsection (1) of this section are the boroughs the rateable values for which are less than the standard rateable value as denned by the scheme.
(3)Any payment under a scheme made under this section shall, if the scheme so provides, be effected in whole or in part by making the appropriate deduction from the amount due under a precept.
(4)Any scheme under this section may be revoked or varied by any subsequent scheme made in like manner as the original scheme.
(5)No reduction or increase in the amount to be contributed by a separately rated area in London towards the amount required to be levied by rate for general county purposes shall be made for the year 1948-49 or any subsequent year by virtue of section one hundred of the [19 & 20 Geo. 5. c. 17.] Local Government Act, 1929, or of any scheme under section seven of the Local Government (Financial Provisions) Act, 1937.