(1)The Secretary of State may by regulations make provision about the use of capital receipts by a local authority.
(2)Regulations under subsection (1) may, in particular—
(a)make provision requiring an amount equal to the whole or any part of a capital receipt to be used only to meet—
(i)capital expenditure, or
(ii)debts or other liabilities;
(b)make provision requiring an amount equal to the whole or any part of a capital receipt to be paid to the Secretary of State.
(3)The power under subsection (1), so far as relating to provision of the kind mentioned in subsection (2)(b), shall only apply to receipts which a local authority derives from the disposal of an interest in housing land.
(4)The reference in subsection (3) to housing land is to any land, house or other building in relation to which the local authority is, or has been, subject to the duty under section 74 of the Local Government and Housing Act 1989 (c. 42) (duty to keep Housing Revenue Account).
(5)Regulations under subsection (1) may include provision authorising the Secretary of State to set off any amount which an authority is liable to pay to him under this section against any amount which he is liable to pay to it.
Commencement Information
I1S. 11 in force at 18.11.2003 for E. by S.I. 2003/2938, art. 3(a) (with art. 8, Sch.)
I2S. 11 in force at 27.11.2003 for W. for the purpose of and in relation to financial years beginning on or after 1.4.2004 by S.I. 2003/3034, art. 2, Sch. 1 Pt. I (with Sch. 2 para. 3)