C1Part I Social rented sector
Chapter III Grants and other financial matters
Treatment of disposal proceeds
I124 The disposal proceeds fund.
1
A registered social landlord shall show separately in its accounts for any period ending after the coming into force of this section its net disposal proceeds.
2
The net disposal proceeds of a registered social landlord are—
a
the net proceeds of sale received by it in respect of any disposal of land to a tenant—
i
in pursuance of the right conferred by section 16 (right of tenant to acquire dwelling), or
ii
in respect of which a grant was made under section 21 (purchase grant in respect of other disposals);
b
payments of grant received by it under section 20 or 21 (purchase grant);
c
where any such grant has been paid to it, any repayments of discount in respect of which the grant was given; and
d
such other proceeds of sale or payments of grant (if any) as the F1Relevant Authority may from time to time determine.
3
The net proceeds of sale means the proceeds of sale less an amount calculated in accordance with a determination by the F1Relevant Authority.
4
The disposal proceeds shall be shown in a fund to be known as a disposal proceeds fund.
5
The method of constituting the fund and showing it in the landlord’s accounts shall be as required by determination of the F1Relevant Authority under paragraph 16 of Schedule 1 (general requirements as to accounts).
6
Interest shall be added to the fund in accordance with a determination made by the F1Relevant Authority.
7
Where this section applies in relation to the proceeds of sale arising on a disposal, section 27 below (recovery, &c. of social housing grants) and section 52 of the M1Housing Act 1988 (recovery, &c. of grants under that Act and earlier enactments) do not apply.
Part I (ss. 1-64) amended (1.10.1996) by S.I. 1996/2325, art.3