Citation, application and commencement

1. This Order, which applies in relation to England, may be cited as the Local Government Finance Act 2012 (Transitional Provisions) Order 2014 and comes into force immediately after it is made.

Non-domestic rating transition account

2. —(1) The Secretary of State shall keep an account for the financial year commencing on 1st April 2013 to be called the non-domestic rating transition account (“the account”).

(2) The Secretary of State—

(a) shall keep the account in such form as the Treasury may direct, and

(b) shall at such time as the Treasury may direct send a copy of the account to the Comptroller and Auditor General.

(3) The Comptroller and Auditor General shall examine, certify and report on the account and shall lay copies of the account and the report before each House of Parliament.

Credits and debits to the non-domestic rating transition account

3. —(1) For the financial year commencing on 1st April 2013 there shall be credited (as items of account) to the account sums received by the Secretary of State in the year in respect of earlier years under paragraph 5 of Schedule 8 to the LGFA 1988 or regulations made under sub-paragraph (15) of that paragraph.

(2) For the financial year commencing on 1st April 2013 there shall be debited (as items of account) from the account payments made by the Secretary of State in the year in respect of earlier years—

(a) under regulations made for the purpose mentioned in paragraph 4(7) of Schedule 8 to the LGFA 1988,

(b) under paragraph 5(10), 5(14), 12 or 15 of Schedule 8 to the LGFA 1988, and

(c) under regulations made under paragraph 5(15) or paragraph 6(5) of Schedule 8 to the LGFA 1988.

Modification of Schedule 8 to the LGFA 1988

4. With respect to the financial year commencing on 1st April 2012, paragraph 3 of Schedule 8 to the LGFA 1988 shall have effect as if references to the account kept for the next financial year were references to the non-domestic rating transition account.