The amount of block grant payable to the Receiver is to be calculated by deducting from the Receiver’s total expenditure for the year the product arrived at by multiplying the Receiver’s grant-related poundage by the gross rateable value of the Metropolitan Police District.

Sub-paragraph (1) above has effect subject to subsection (7) of section 56 of the principal Act in which the reference to a local authority shall include a reference to the Receiver.