The Local Authorities (Capital Finance and Accounting) (England) Regulations 2003, Section 23 is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
23. Capital receipts may only be used for one or more of the following purposes—
(a)to meet capital expenditure;
(b)to repay the principal of any amount borrowed;
(c)to pay a premium charged in relation to any amount borrowed;
(d)to meet any liability in respect of credit arrangements, other than any liability which, in accordance with proper practices, must be charged to a revenue account;
(e)to meet the F1... costs of or incidental to a disposal of an interest in housing land; or
(f)to make a payment to the Secretary of State under [F2regulation 12, 13, the Schedule or pursuant to any agreement made under section 11(6) of the Local Government Act 2003;]; F3...
F4(g). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F5(h)to meet the costs of or incidental to a disposal of an interest in land other than housing land, provided these do not exceed 4% of the capital receipt arising from the disposal; F6...
(i)to make all or part of a payment to a person, where the obligation to make that payment arises on the disposal of an asset, as a result of an agreement made at the time of the acquisition of that asset, or in relation to such an agreement][F7; F8...
(j)where receipts are received on or after 1st April 2012, to make a back payment (within the meaning of regulation 30A(2) [F9or regulation 30AA(2) as the case may be]) in respect of unequal pay where the liability arises in the circumstances specified in regulation 30A(3) [F10or 30AA(3) as the case may be];][F11or
(k)in the case of a Mayoral development corporation established under Chapter 2 of Part 8 of the Localism Act 2011, to meet any liability to pay corporation tax.]
Textual Amendments
F1Word in reg. 23(e) omitted (1.4.2010) by virtue of The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2010 (S.I. 2010/454), regs. 1(1)(b), 4(a)
F2Words in reg. 23(f) substituted (30.9.2012) by virtue of The Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No. 4) Regulations 2012 (S.I. 2012/2269), regs. 1(2), 5
F3Word in reg. 23(f) omitted (1.4.2010) by virtue of The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2010 (S.I. 2010/454), regs. 1(1)(b), 4(b)
F4Reg. 23(g) omitted (1.4.2012) by virtue of The Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No. 2) Regulations 2012 (S.I. 2012/711), regs. 1(2), 8 (with reg. 10)
F5Reg. 23(h)(i) inserted (1.4.2010) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2010 (S.I. 2010/454), regs. 1(1)(b), 4(c)
F6Word in reg. 23(h) omitted (31.3.2013) by virtue of The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2013 (S.I. 2013/476), regs. 1(2), 5(1)(a)
F7Reg. 23(i) and word substituted for full stop (31.3.2013) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2013 (S.I. 2013/476), regs. 1(2), 5(1)(b)
F8Word in reg. 23(i) omitted (1.5.2017 with application in relation to a financial year commencing on or after 1.4.2016) by virtue of The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2017 (S.I. 2017/536), regs. 1, 2(2)(a)
F9Words in reg. 23(j) inserted (19.12.2018) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2018 (S.I. 2018/1207), regs. 1(2), 3(a)
F10Words in reg. 23(j) inserted (19.12.2018) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2018 (S.I. 2018/1207), regs. 1(2), 3(b)
F11Reg. 23(k) and word inserted (1.5.2017 with application in relation to a financial year commencing on or after 1.4.2016) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2017 (S.I. 2017/536), regs. 1, 2(2)(b)
Commencement Information
I1Reg. 23 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)
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