20.— (1) In this section—

F61[…]

“Minister” means F62[the Minister for Housing, Local Government and Heritage].

(2) Where the passing of such a resolution is a reserved function F63[(within the meaning of the Local Government Act 2001, as amended by the Local Government Reform Act 2014)] of a local authority, a local authority may pass a resolution that the basic rate should F64[, for a period specified in the resolution and with effect from the date specified in section 21(2) (inserted by the Finance (Local Property Tax) (Amendment) Act 2013),] stand varied (either upwards or downwards) by a specified percentage in respect of relevant residential properties situated in the local authority’s functional area.

F64[(2A) In making a decision as to whether to pass such a resolution as is referred to in subsection (2) or as to the percentage that should be specified in it, a local authority shall, in addition to the matters (if any) specified under subsection (6)(a) have regard to—

(a) the local authority’s estimation of the income it will receive and the expenditure it will incur in the period for which the varied rate is to have effect,

(b) the financial position of the local authority, including the amounts standing as its accumulated assets and liabilities not less than one month before the date on which it is proposed to pass the resolution, and

(c) the local authority’s estimation of the financial effect of the varied rate on the economy of its functional area, including on those persons who will be liable to pay local property tax.]

(3) Where a local authority passes a resolution under subsection (2), F65[the amount of the local property tax referred to in subsection (2) and (3) of section 17 and the rate of local property tax], in respect of relevant residential properties situated in the local authority’s functional area, shall be F64[, for the period specified in the resolution and with effect from the date specified in section 21(2) (inserted by the Finance (Local Property Tax) (Amendment) Act 2013),] the basic rate, increased or decreased, as the case may be, by the local adjustment factor.

(4) Where a local authority passes a resolution under subsection (2), it shall notify the Minister in writing that it has passed the resolution and of the local adjustment factor.

(5) The local adjustment factor shall not exceed 15 per cent.

(6) The Minister may make regulations with respect to the setting of the local adjustment factor and those regulations may, in particular and without prejudice to the generality of the foregoing, include provision for—

(a) specifying the matters to which a local authority must have regard when setting a local adjustment factor in respect of a liability date,

(b) the public consultation process that must be followed by a local authority before that factor is set by it (including publication of its proposal with respect to the factor in one or more newspapers circulating in its functional area),

(c) the nature and extent of consultation with other persons,

(d) the persons who must be informed when a local adjustment factor is set,

(e) any other procedural matter which the Minister may deem necessary.