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Local Government Act 2003

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Changes over time for: Section 7

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Version Superseded: 13/05/2014

Status:

Point in time view as at 01/04/2006. This version of this provision has been superseded. Help about Status

Changes to legislation:

Local Government Act 2003, Section 7 is up to date with all changes known to be in force on or before 14 November 2024. 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. Help about Changes to Legislation

7“Credit arrangements”E+W
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(1)For the purposes of this Chapter, a local authority shall be taken to have entered into a credit arrangement where—

(a)it enters into a transaction which gives rise to a liability on its part, and

(b)the liability is a qualifying liability.

(2)A transaction entered into by a local authority is to be taken for the purposes of subsection (1) as giving rise to a liability on the part of the authority if—

(a)it falls in accordance with proper practices to be treated for the purposes of the authority’s accounts as giving rise to such a liability, or

(b)it falls in accordance with regulations made by the Secretary of State to be treated as falling within paragraph (a).

(3)The reference in subsection (1)(b) to a qualifying liability is to any liability other than—

(a)a liability to repay money,

(b)a liability in respect of which the date for performance is less than 12 months after the date on which the transaction giving rise to the liability is entered into, and

(c)a liability of a description specified for the purposes of this provision by regulations made by the Secretary of State.

Commencement Information

I1S. 7 in force at 27.11.2003 for W. for the purpose of and in relation to financial years beginning on or after 1.4.2004 by S.I. 2003/3034, art. 2, Sch. 1 Pt. I (with Sch. 2 para. 3)

I2S. 7(1)(2)(a)(3)(a)(3)(b) in force at 1.4.2004 for E. by S.I. 2003/2938, art. 7(b) (with art. 8, Sch.)

I3S. 7(2)(b)(3)(c) in force at 18.11.2003 for E. by S.I. 2003/2938, art. 3(a) (with art. 8, Sch.)

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