S. 9(3) in force at 18.11.2003 for E. by S.I. 2003/2938, art. 3(a) (with art. 8, Sch.)

http://www.legislation.gov.uk/ukpga/2003/26/section/9/2003-11-18Local Government Act 2003An Act to make provision about finance, and other provision, in connection with local and certain other authorities; to provide for changing the dates of local elections in 2004; to amend the Audit Commission Act 1998; and for connected purposes.texttext/xmlenStatute Law Database2024-06-14Expert Participation2003-11-18Part 1Capital finance etc and accountsChapter 1Capital finance etcCapital receipts
9“Capital receipt”1

Subject to subsection (3), references in this Chapter to a capital receipt, in relation to a local authority, are to a sum received by the authority in respect of the disposal by it of an interest in a capital asset.

2

An asset is a capital asset for the purposes of subsection (1) if, at the time of the disposal, expenditure on the acquisition of the asset would be capital expenditure.

3

The Secretary of State may by regulations—

a

make provision for the whole of a sum received by a local authority in respect of the disposal by it of an interest in a capital asset, or such part of such a sum as may be determined under the regulations, to be treated as not being a capital receipt for the purposes of this Chapter;

b

make provision for the whole of a sum received by a local authority otherwise than in respect of the disposal by it of an interest in a capital asset, or such part of such a sum as may be determined under the regulations, to be treated as being a capital receipt for the purposes of this Chapter.

4

Where a sum becomes payable to a local authority before it is actually received by the authority, it shall be treated for the purposes of this section as received by the authority when it becomes payable to it.

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<p>
S. 9(3) in force at 18.11.2003 for E. by
<ref href="http://www.legislation.gov.uk/id/uksi/2003/2938">S.I. 2003/2938</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2003/2938/article/3/a">art. 3(a)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2003/2938/article/8">art. 8</ref>
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<ref href="http://www.legislation.gov.uk/id/uksi/2003/2938/schedule">Sch.</ref>
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Capital finance
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and accounts
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Capital finance
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<p>Subject to subsection (3), references in this Chapter to a capital receipt, in relation to a local authority, are to a sum received by the authority in respect of the disposal by it of an interest in a capital asset.</p>
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<p>An asset is a capital asset for the purposes of subsection (1) if, at the time of the disposal, expenditure on the acquisition of the asset would be capital expenditure.</p>
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3
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<p>make provision for the whole of a sum received by a local authority in respect of the disposal by it of an interest in a capital asset, or such part of such a sum as may be determined under the regulations, to be treated as not being a capital receipt for the purposes of this Chapter;</p>
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<p>make provision for the whole of a sum received by a local authority otherwise than in respect of the disposal by it of an interest in a capital asset, or such part of such a sum as may be determined under the regulations, to be treated as being a capital receipt for the purposes of this Chapter.</p>
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<p>Where a sum becomes payable to a local authority before it is actually received by the authority, it shall be treated for the purposes of this section as received by the authority when it becomes payable to it.</p>
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