SCHEDULETRANSITIONAL PROVISIONS AND SAVINGS
Capital finance—Local Government and Housing Act 1989
Capital finance—Part 1 of the Act
18.
The usable part of any capital receipt—
(a)
within the meaning of section 60(2) of the 1989 Act (the usable balance of capital receipts); and
(b)
which is not applied by the local authority in any financial year beginning before 1st April 2004,
shall be treated as if it were a capital receipt within the meaning of section 9 of the Act (“capital receipt”) for the purposes of Chapter 1 of Part 1 of the Act.