(1) Section 33 is amended as follows.
(2) After subsection (3B) insert–
(3C) In the case of a Welsh county council or county borough council the aggregate of the sums mentioned in item P in subsection (1) above shall be reduced by an amount calculated by applying the formula–
where–
E is the product of the formula set out in subsection (3D) below or, if that is a negative amount, is nil;
B is the proportion of council tax benefit prescribed for the authority for the year.
(3D) E is to be calculated by applying the formula–
where–
R has the same meaning as in subsection (1) above;
LP is the aggregate of the precepts for the year–
issued to the council by local precepting authorities; or
anticipated by the council in pursuance of regulations made under section 41(3) below;
which were taken into account by the council in making the calculation required by section 32(2) above;
BX is the guideline budget requirement prescribed for the authority for the year.
B has the same meaning as in subsection (3C) above.