The Road User Charging and Workplace Parking Levy (Net Proceeds) (England) Regulations 2003

Determination of net proceeds

2.—(1) Subject to the provisions of this regulation, for the purposes of Schedules 23 and 24 to the Greater London Authority Act 1999 and paragraph 2 of Schedule 12 to the Transport Act 2000—

(a) the amounts received under or in connection with a relevant scheme;

(b) the expenses incurred for or in connection with a relevant scheme; and

(c) the extent to which such amounts or expenses are attributable to any financial year,

shall be determined on an accruals basis including appropriate allowance for—

(i) the depreciation and impairment of fixed assets;

(ii) the charging of deferred charges to revenue account; and

(iii) capital financing charges.

(2) Such amounts received and expenses incurred shall include amounts of interest calculated respectively on the credit balances and the debit balances.

(3) Such balances shall be calculated by deducting from the amounts received attributable to a financial year up to the end of the day in question the sum of—

(a) the expenses referred to in paragraph (1)(b); and

(b) the net proceeds applied under paragraph 8 of Schedule 12 to the Transport Act 2000, or paragraph 16 of Schedule 23 or paragraph 22 of Schedule 24 to the Greater London Authority Act 1999 (as the case may be),

in either case attributable to the same period.

(4) Subject as aforesaid, the calculations shall be made in accordance with proper practices.