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The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2012
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- UK Statutory Instruments
- 2012 No. 265
- Regulation 5
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Bonds
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5.—(1) In regulation 7 (repayment of loan etc to a local authority)—
(a)in paragraph (2), for “paragraph (3)” substitute “paragraphs (3) and (4)”; and
(b)after paragraph (3), insert—
“(4) A sum paid to a local authority to redeem a bond on its maturity or for the purchase of a bond does not constitute repayment of a loan or other financial assistance.”.
(2) For regulation 7A (loan capital)(1), substitute—
“Bonds
7A.—(1) Subject to paragraph (2), for the purposes of Chapter 1 of Part 1, a sum received by a local authority in respect of—
(a)the redemption on maturity of a bond, or
(b)the disposal of a bond,
must be treated as a capital receipt.
(2) Paragraph (1) applies only if—
(a)the acquisition of the bond was prior to 1st April 2012, and
(b)expenditure on the acquisition was treated as capital expenditure.”.
(1)
Regulation 7A was inserted by S.I. 2008/414.
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