Housing (Financial Provisions) (Scotland) Act 1972

1 (1) For each year a local authority shall carry to the credit of the housing revenue account amounts equal to—

(a) the income receivable by the local authority from standard rents ;

(b) any income receivable by the local authority for that year in respect of service charges, supplementary charges, feuduties and any other charges in respect of houses and other property to which the account relates ;

(c) the following subsidies, if any, payable to the local authority for that year, that is—

(i) the residual subsidy, excluding any subsidy payable under section 2(7)(b) of this Act,

(ii) the housing expenditure subsidy,

(iii) the high cost subsidy ;

(d) any contribution out of the general rate fund associated with either of the subsidies referred to in sub-paragraph (c)(ii) and (iii) above which is made by the local authority for that year;

(e) any contribution payable to the local authority for that year in respect of houses or other property to which the account relates under any of the following enactments (which relate to contributions out of money provided by Parliament towards costs of improvement and conversions), that is

(i) section 2 of the [1949 c. 101.] Housing (Scotland) Act 1949,

(ii) section 105 of the [1950 c. 34.] Housing (Scotland) Act 1950,

(iii) section 13 of the Act of 1968 ;

(f) any contribution payable to the local authority for that year under section 59 of the Act of 1969 towards expenditure incurred by them on property to which the account relates under section 58 of that Act (powers of local authority in respect of improvement of amenities of residential areas);

(g) any payments received by the local authority from another local authority in pursuance of any overspill agreement, being payments such as are mentioned in paragraph 2(e) of this Schedule ;

(h) any contributions received by the local authority under section 101(1) of the [1964 c. 56.] Housing Act 1964, in so far as amounts equal to the expenditure towards which those contributions are made fall to be debited to the account;

(i) income, and receipts in the nature of income, being income or receipts arising for that year from the investment or other use of money carried to the account;

(j) any other income of any description, except a contribution out of the general rate fund, receivable by the local authority for that year, being income relating to expenditure falling to be debited to the account for that year ;

(k) such other income of the local authority as the Secretary of State may direct.

(2) Subject to sub-paragraph (3) below, where any house or other property to which the account relates has been sold or otherwise disposed of, an amount equal to any income of the local authority arising from the investment or other use of capital money received by the authority in respect of the transaction shall be carried to the credit of the account.

(3) Sub-paragraph (2) above shall not apply—

(a) where the Secretary of State otherwise directs as respects the whole or any part of such income, or

(b) as respects income from capital money carried to a capital fund under section 9 of the [1964 c. 67.] Local Government (Development and Finance) (Scotland) Act 1964.

(4) An amount equal to any income of the local authority arising from an investment or other use of borrowed moneys in respect of which the authority are required under paragraph 2 below to debit loan charges to the account shall be carried to the credit of the account.

(5) Where for any year a deficit is shown in the account, the local authority shall carry to the credit of the account, in respect of that year, an amount equal to the amount of the deficit, but, subject to sub-paragraph (6) below, shall repay the amount so credited to the general rate fund within the two immediately succeeding years.

(6) The obligation to repay referred to in sub-paragraph (5) above shall not apply if—

(a) the deficit occurred for any year for which the local authority were required to limit the increase in standard rents by virtue of the proviso to section 28(2) of this Act or for which they were required to increase standard rents under section 29(1) of this Act, and

(b) where the deficit occurred in the year 1973-74 or any subsequent year, for every preceding year since the year 1972-73 the local authority were required to so limit the increase in standard rents or increase standard rents under the said section 29(1).

(7) For any year, the local authority may, with the consent of the Secretary of State, carry to the credit of the account, in addition to the amounts required by the foregoing provisions of this Schedule, such further amounts, if any, as they mink fit.