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The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2021

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Amendment of regulation 13

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5.    In regulation 13—

(a)in paragraph (3)—

(i)for “a rate of 1% above base rate” substitute “the applicable rate”;

(ii)for “three-monthly” substitute “yearly”;

(b)in paragraph (6), at the appropriate place insert—

“applicable rate” means whichever is the higher of—

(a)

1%; and

(b)

1% above base rate;.

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