Part ISocial Rented Sector regulated by the Welsh Ministers
Chapter III Grants and other financial matters
Treatment of disposal proceeds
24 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 F1above or section 180 of the Housing and Regeneration Act 2008 (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);F2or
(iii)
in respect of which a grant was made under section 19 of the Housing and Regeneration Act 2008 in respect of discounts given by it on the disposal to the tenant;
(b)
payments of grant received by it under section 20 or 21 (purchase grant);
F3(ba)
payments of grant received by it under section 19 of the Housing and Regeneration Act 2008 in respect of discounts given by it on disposals of dwellings to tenants;
(c)
where any F4grant as mentioned in paragraph (b) or (ba) 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 F5the Welsh Ministers 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 F5the Welsh Ministers.
(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 F5the Welsh Ministers 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 F5the Welsh Ministers.
(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.