Local Government, Planning and Land Act 1980

6 (1) On any acquisition to which this paragraph applies, a corporation shall assume a debt to the Secretary of State of such amount as may be notified to the corporation in writing by him, with the Treasury’s approval. E+W+S

(2) This paragraph applies to any acquisition by the corporation of property held—

(a) by or on behalf of the Crown, or

(b) by a company all of whose shares are held by or on behalf of the Crown or by a wholly owned subsidiary of such a company.

(3) Subject to sub-paragraph (4) below, the amount to be notified is the aggregate of the following:–

(a) the consideration given when the property was first brought into public ownership, and

(b) the costs and expenses of and incidential to its being brought into public ownership.

(4) If it appears to the Secretary of State that there has been such a change in circumstances since the property was first brought into public ownership that its true value would not be reflected by reference to the consideration mentioned in sub-paragraph (3) above, the Secretary of State, with the Treasury’s approval, shall determine the amount to be notified.

(5) The rate of interest payable on the debt assumed by a corporation under this paragraph, and the date from which interest is to begin to accrue, the arrangements for paying off the principal, and the other terms of the debt shall be such as the Secretary of State, with the Treasury’s approval, may from time to time determine.

(6) Different rates and dates may be determined under sub-paragraph (5) above with respect to different portions of the debt.

(7) Any sums received by the Secretary of State under sub-paragraph (5) above shall be paid into the National Loans Fund.