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The Local Authorities (Capital Finance and Accounting) (England) Regulations 2003
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- UK Statutory Instruments
- 2003 No. 3146
- PART 7
- Regulation 30E
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The Local Authorities (Capital Finance and Accounting) (England) Regulations 2003, Section 30E is up to date with all changes known to be in force on or before 24 December 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.
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Changes and effects yet to be applied to Regulation 30E:
- reg. 1(3A) substituted by S.I. 2024/478 reg. 2(2)(b)
- reg. 28(4)-(7) inserted by S.I. 2024/478 reg. 2(4)(c)
Changes and effects yet to be applied to the whole Instrument associated Parts and Chapters:
Whole provisions yet to be inserted into this Instrument (including any effects on those provisions):
- reg. 1(3A) substituted by S.I. 2024/478 reg. 2(2)(b)
- reg. 28(4)-(7) inserted by S.I. 2024/478 reg. 2(4)(c)
[F1Interest on stepped interest rate loans taken out by local authoritiesE+W
30E.—(1) This regulation applies where on any day before 9th November 2007 a local authority had taken out a stepped interest rate loan.
(2) The local authority shall charge to a revenue account for each financial year beginning with the financial year ending on 31st March 2008 and ending with the last financial year in which the loan agreement subsists—
(a)the amount of the interest, if any, which it is due to pay in that financial year in accordance with the loan agreement; or
(b)an amount calculated in accordance with the accounting practices identified in regulation 31.
(3) In this regulation, “stepped interest rate loan” means a loan taken out by a local authority at an interest rate which increases in one or more increments during the period for which the loan agreement subsists.]
[F2(4) In relation to any person or body which is a local authority for the purposes of section 21 by virtue of subsection (6)(b), (e), (g), (h), (k) or (l) of that section, this regulation has effect as if the reference in paragraph (2) to 31st March 2008 were a reference to 31st March 2016.]
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