Subject to the following provisions of this section, the amount of any grant paid to a local authority in accordance with regulations made under section 250 of this Act—
(a) where that amount is calculated by reference to annual costs incurred or treated as incurred by the authority in respect of the borrowing of money to defray expenditure in respect of which the grant is made, or by reference to the excess of such annual costs over the receipts, or the annual value of receipts, mentioned in subsection (3)(b) of that section, shall not exceed an amount equal to fifty per cent. of those costs, or of that excess, as the case may be ;
(b) in any other case, shall not exceed an amount equal to fifty per cent. of the amount of the expenditure in respect of which the grant is made.
In respect of land of any of the following descriptions, that is to say—
(a) land comprised in a compulsory purchase order made by a local authority under the Act of 1944 or the Act of 1947, and confirmed before 26th February 1954, being land acquired for war-damage redevelopment;
(b) land acquired by agreement for war-damage redevelopment with the consent of the Minister of Housing and Local Government given before that date;
(c) land appropriated by a local authority for war-damage redevelopment before that date; and
(d) land acquired or appropriated for war-damage redevelopment (whether before or after that date), being land contiguous or adjacent to land falling within any of the preceding paragraphs,
subsection (1)(a) of this section shall apply (subject to subsection (3) of this section) as if for the words "fifty per cent." there were substituted the words " ninety per cent. ".
Subsection (2) of this section shall not authorise the payment, in the case of any land, of a grant at a higher rate in respect of a year or part of a year which, together with the preceding years or parts of years in respect of which grants at a higher rate have been paid in the case of that land, would extend beyond a total period of eight years.
In this section "war-damage redevelopment" means the redevelopment as a whole of an area of extensive war damage, and includes the relocation of population or industry, or the replacement of open space, in the course of such redevelopment.
In this section references to a grant at a higher rate are references to a grant of an amount which—
(a) was or would have been authorised by section 93 of the Act of 1947 as that section had effect or would have had effect apart from section 50 of the Act of 1954 and the Local Government Act 1958 and this Act; but
(b) otherwise than by virtue of the provisions of the Act of 1954 corresponding to subsections (2) and (3) of this section, was not or would not have been authorised by the provisions substituted by the Act of 1954 for the said section 93.