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21.—(1) Where the accounts for any period under article 20 above show—
(a)a credit balance, the accounting authority shall make payments to the other successor authorities of the demitting authority in accordance with paragraph (2) below;
(b)a debit balance, the other successor authorities shall make payments to the accounting authority in accordance with that paragraph.
(2) Payments under paragraph (1) above shall be calculated in accordance with the formula—
where—
E is the credit or debit balance in question;
F is the Band D equivalent figure for the successor authority making the payment to, or receiving the payment from, the accounting authority; and
G is the total of the Band D equivalent figures for all the successor authorities of the demitting authority in question.
(3) For the purposes of paragraph (2) above, the Band D equivalent figure for an authority shall, subject to paragraph (5) below, be calculated—
(a)by reference to the valuation list maintained for that authority’s area under section 84 of the 1992 Act; and
(b)by working out, in light of the terms of subsection (1) of section 74 of that Act, the number of dwellings in valuation band D (as referred to in subsection (2) of that section) which would produce the same amount of council tax as is payable in respect of the dwellings actually shown on that list on the relevant date (ignoring exemptions and discounts under sections 72 and 79 of that Act).
(4) In paragraph (3) above, “the relevant date” means 1st April in the financial year within which there falls the period to which the payment in question relates.
(5) Where only part of the area of a successor authority (“the relevant part”) is within the area of the demitting authority in question, the calculation of that successor authority’s Band D equivalent figure shall be carried out as if the valuation list referred to in paragraph (3)(a) above showed only dwellings situated in the relevant part.
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