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2. The retained rates income of an authority that is a major precepting authority is the amount calculated in accordance with the formula—
Where—
R is the sum of the certified non-domestic rating income of all billing authorities required to make payments to the major precepting authority for the relevant year under Part 4 of Schedule 7B to the 1988 Act (payments by billing authorities to major precepting authorities);
S is—
10% where the relevant authority is a county council which is a fire and rescue authority;
9% where the relevant authority is a county council which is not a fire and rescue authority;
20% where the relevant authority is the Greater London Authority;
1% where the relevant authority is a fire and rescue authority not falling within paragraph (a);
P is the amount paid to the authority by the Secretary of State for the relevant year in accordance with Part 5 of Schedule 7B to the Act (principal payments in connection with local retention of non-domestic rates); and
Q is the amount paid by the authority to the Secretary of State for the year in accordance with Part 5 of Schedule 7B to the Act.
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