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8.—(1) Where, as regards a financial year, L is more than M, the billing authority shall transfer the amount of the difference from its collection fund to the relevant levying authority’s revenue account.
(2) But where L is less than M, the relevant levying authority shall either—
(a)refund to the billing authority from its revenue account the amount of the difference; or
(b)authorise the billing authority to reduce an instalment or instalments to be transferred under paragraph 4 after the date of the calculation made under this paragraph by the amount of the difference.
(3) In sub-paragraphs (1) and (2)—
L is the amount shown in the billing authority’s final return for the financial year under paragraph 7(1)(a); and
M is the amount shown in the billing authority’s final return for the financial year under paragraph 7(1)(b).
(4) Transfers under sub-paragraph (1) and refunds under sub-paragraph (2)(a) shall be made no later than 30th June in the financial year following that to which they relate.
(5) Transfers under sub-paragraph (2)(b) shall be made on the same day the instalment they relate to is transferred.
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