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The Local Authorities (Capital Finance) Regulations 1990
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PART IIEXPENDITURE FOR CAPITAL PURPOSES
Expenditure to be expenditure for capital purposes
2.—(1) Expenditure incurred by a local authority in the issue of a relevant loan instrument shall be expenditure for capital purposes.
(2) In paragraph (1) above, a “relevant loan instrument” means a loan instrument issued in relation to any loan other than a loan in respect of which all payments or repayments by the authority are to be made not later than one year after the loan instrument is issued.
Expenditure not to be expenditure for capital purposes
3. Expenditure by a local authority pursuant to section 112 of the Local Government Act 1972(1) on the making of advances, grants or other financial assistance to an officer of the authority or to a person whom the authority intend to appoint as an officer shall not be expenditure for capital purposes.
(1)
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