There was a long thread about it here
But here is what prh47bridge says, and he is the expert:
prh47bridge Tue 15-Feb-11 13:14:48
I'm not sure what you mean by "Learning Support money". However, the position on SEN is complex.
To deal with the easy bit first, the LA retains funding for educational psychology services, SEN assessments, statementing, monitoring of SEN provision, parent partnerships, individually assigned SEN resources for pupils with rare conditions needing expensive provision, etc.
The complicated bit is what happens with other SEN funding. The previous government encouraged LAs to pass all of this funding on to schools. Many LAs have complied. In those areas academies will be in exactly the same position as LA-controlled schools. However, some LAs have retained some or all of this SEN funding centrally. In these LAs the academy will receive additional funding for SEN compared to the LA-controlled schools.
Individually assigned funding for children with statements is paid to the school through the LA for both academies and LA-controlled schools.
There are concerns about SEN but that is to do with the way some existing academies have dealt with SEN children rather than the funding arrangements.