Housing Act 1996 (c. 52)

Part I U.K. [F1 Social Rented Sector [F2 regulated by the Welsh Ministers]]

Textual Amendments

F1 Pt. I title substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), ss. 61(1), 325(1); S.I. 2010/862, art. 2 (with Sch.)

F2 Words in Pt. I title substituted (18.10.2011) by Housing (Wales) Measure 2011 (nawm 5), s. 90(2), Sch. para. 2; S.I. 2011/2475, arts. 1(2), 2(u)

Modifications etc. (not altering text)

C1 Part I (ss. 1-64) amended (1.10.1996) by S.I. 1996/2325, art.3

C2 Pt. 1: The system of "registered social landlords" under this Part is replaced (8.9.2008 for specified purposes and 1.12.2008, 16.2.2009, 1.4.2009, 7.9.2009 and 1.4.2010 for further purposes) by Housing and Regeneration Act 2008 (c. 17), Pt. 2. This Part continues to apply in relation to Wales with certain provisions applied in relation to England and certain provisions preserved although they apply to England only, see s. 60 of the affecting Act; S.I. 2008/2358, art. 3; S.I. 2008/3068, art. 3 (with arts. 6-13); S.I. 2009/363, art. 2; S.I. 2009/803, art. 7; S.I. 2009/2096, art. 2(1); S.I. 2010/862, art. 2 (with Sch.)

Chapter III U.K. Grants and other financial matters

Treatment of disposal proceeds E+W

24 The disposal proceeds fund. E+W

(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 [F3 above 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);[F4 or

(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);

[F5 (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 [F6 grant 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 [F7 the 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 [F7 the 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 [F7 the 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 [F7 the 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 M1 Housing Act 1988 (recovery, &c. of grants under that Act and earlier enactments) do not apply.

Textual Amendments

F3 Words in s. 24(2)(a)(i) inserted (1.4.2010) by The Housing and Regeneration Act 2008 (Consequential Provisions) Order 2010 (S.I. 2010/866), art. 1(2), Sch. 2 para. 86 (with art. 6, Sch. 3)

F4 S. 24(2)(a)(iii) and word inserted (1.4.2010) by The Housing and Regeneration Act 2008 (Consequential Provisions) Order 2010 (S.I. 2010/866), art. 1(2), Sch. 1 para. 7(a) (with art. 6, Sch. 3)

F5 S. 24(2)(ba) inserted (1.4.2010) by The Housing and Regeneration Act 2008 (Consequential Provisions) Order 2010 (S.I. 2010/866), art. 1(2), Sch. 1 para. 7(b) (with art. 6, Sch. 3)

F6 Words in s. 24(2)(c) substituted (1.4.2010) by The Housing and Regeneration Act 2008 (Consequential Provisions) Order 2010 (S.I. 2010/866), art. 1(2), Sch. 1 para. 7(c) (with art. 6, Sch. 3)

F7 Words in Pt. I substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), ss. 61(7), 325(1); S.I. 2010/862, art. 2 (with Sch.)

Commencement Information

I1 S. 24 wholly in force 1.4.1997; s. 24 not in force at Royal Assent see s. 232(3); s.24 in force for certain purposes at 1.8.1996 by S.I. 1996/2048, art. 3 and s. 24 in force at 1.4.1997 to the extent it is not already in force by S.I. 1997/618, art. 2

Marginal Citations

M1 1988 c. 50.