Citation and commencement 1.
These Regulations may be cited as the Local Authority (Capital Finance and Accounting) (Scotland) Amendment Regulations 2024 and come into force on 1 April 2024.
Amendment of the Local Authority (Capital Finance and Accounting) (Scotland) Regulations 2016 2.
(1)
(2)
(a)
in paragraph (3)(b), omit “, to the extent that the Scottish Ministers have determined the period and amount of repayment”,
(b)
“(4)
Subject to paragraph (5), a variation under paragraph (2) must—
(a)
not result in the repayment period exceeding the useful life of the asset in relation to which the loans fund advance was made,
(b)
not result in the repayment period exceeding 50 years beginning with the date on which the loans fund advance was made, if the loans fund advance does not relate to an asset for which a useful asset life can reasonably be determined,
(c)
only be calculated on the balance of the loans fund advance as it applies on the first day of the financial year in which the variation is made, and
(d)
never give rise to a nil or negative repayment.
(5)
A variation may result in a repayment period exceeding the useful life of an asset, or in the repayment period exceeding 50 years, with the consent of the Scottish Ministers.
(6)
For the purposes of paragraphs (4) and (5), the useful life of an asset is to be determined in accordance with proper accounting practices.”.
St Andrew’s House,
Edinburgh