Requirement to make a safety net payment9

1

The Secretary of State must make a safety net payment to an authority in respect of a year where its retained rates income for the relevant year is less than its safety net threshold for that year.

2

The amount of the payment is to be the difference between the authority’s retained rates income for the relevant year and its safety net threshold for that year.

3

Where a payment on account has been made in respect of the relevant year an amount equal to that payment must be deducted from the amount payable under this regulation.

4

Where the payment on account exceeds the amount payable under this regulation, the authority must pay the difference between the two amounts to the Secretary of State.