The local precepting authority must notify its appropriate billing authority—
that its relevant basic amount of council tax for a financial year is excessive, and
that the billing authority is required to hold a referendum in accordance with this Chapter.
A notification under this section must include a precept in accordance with subsection (3) below; but that precept does not have effect for the purposes of Chapters 3 and 4 above except in accordance with sections 52ZO and 52ZP below.
The precept must state, as the amount payable by the billing authority for the year, the amount which has been calculated by the local precepting authority under section 49A above as applied by section 52ZL above.
The Secretary of State must by regulations prescribe a date by which the notification must be made.