The sum which a major precepting authority must pay to a billing authority shall be equal to—
where—
A is the amount which is required to be calculated in accordance with the Schedule to the Local Authorities (Alteration of Requisite Calculations) (England) Regulations 1999 as expenditure for the purposes of section 43(2)(a)(ii) of the Local Government Finance Act 1992 and as the aggregate of sums for the purpose of section 44(3)(c) of that Act and which is referred to in paragraph 1(2) of that Schedule;
Tb is the amount of the council tax base of the billing authority for its area, or, where the precept relates to a part of the billing authority’s area only, for that part of the area, and which in either case is included in the aggregate of amounts of council tax bases which is T for the purposes of section 44 of the Local Government Finance Act 1992;
Q is the amount shown for the billing authority in column 2 of Table A in the Schedule to the Collection Fund (General) (England) Direction 1999 made by the Secretary of State on 3rd February 1999; and
F is the aggregate of Tb multiplied by Q for all the billing authorities to which the precepting authority has issued a precept.