- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format. The electronic version of this UK Statutory Instrument has been contributed by Westlaw and is taken from the printed publication. Read more
7.—(1) Where the transferee disposes of or appropriates any transferred property, any payment falling to be made in respect of that property under paragraph 3 for any financial year commencing after the disposal or appropriation takes place shall be adjusted in accordance with the following provisions of this paragraph.
(2)
(3) Where the consideration for the disposal, or the value at which the appropriation is made, expressed in money, is sufficient to discharge the outstanding loan debt attributable to the property, the payment for which the Council is liable shall be reduced by the amount of the part payment.
(4) Where such consideration or value is insufficient to discharge the outstanding loan debt attributable to the property, and the part payment exceeds the residual loan charges, the payment for which the Council is liable shall be reduced by the excess of the part payment over the residual loan charges.
(5) In this paragraph “residual loan charges” means
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: