Part 2Regulation of Social Housing

Chapter 5Disposal of propertyF1by private registered providers

Annotations:
Amendments (Textual)

Proceeds

I1177Separate accounting

1

The accounts of a F2private registered provider must show its net disposal proceeds, as a separate “disposal proceeds fund”.

2

The following are net disposal proceeds—

a

net proceeds of sale to a tenant in pursuance of the right to acquire conferred by section 180,

b

net proceeds of sale to a tenant in pursuance of the right to acquire conferred by section 16 of the Housing Act 1996 (c. 52),

c

net proceeds of sale of property in respect of which a grant was made under section 21 of that Act,

d

net proceeds of sale of property in respect of which a grant was made under section 19 of this Act in respect of discounts given by a registered provider on disposals of dwellings to tenants,

e

grant received under section 20 or 21 of the 1996 Act,

f

grant received under section 19 of this Act in respect of discounts given by a registered provider on disposals of dwellings to tenants,

g

repayments of discount in respect of which grant was received under section 20 or 21 of the 1996 Act,

h

repayments of discount in respect of which grant was received under section 19 of this Act in respect of discounts given by a registered provider on disposals of dwellings to tenants,

i

other proceeds of sale specified by the regulator, and

j

other grants specified by the regulator.

3

The regulator shall determine amounts to be deducted in determining net proceeds of sale.

4

The method of constituting the disposal proceeds fund and showing it in the accounts shall be in accordance with a direction of the regulator.

5

Subsections (5) to (7) of section 127 apply to a direction under this section as to a direction under that section.

6

Sections 141 and 142 apply in relation to a direction under this section as in relation to a direction under section 127.

7

Interest shall be added to the fund in accordance with a determination made by the regulator.

8

Where this section applies in relation to the proceeds of sale arising on a disposal, section 32 above, section 27 of the Housing Act 1996 (c. 52) and section 52 of the Housing Act 1988 (c. 50) do not apply.