The Local Authorities (Capital Finance and Accounting) (England) Regulations 2003

  1. Introductory Text

  2. PART 1 PRELIMINARY

    1. 1.Citation, commencement, application and interpretation

  3. PART 2 BORROWING

    1. 2.Code of practice

  4. PART 3 CREDIT ARRANGEMENTS

    1. TRANSACTIONS WHICH ARE CREDIT ARRANGEMENTS

      1. 2A.Securitisation transactions

    2. TRANSACTIONS WHICH ARE NOT CREDIT ARRANGEMENTS

      1. 3.Liabilities that do not arise from capital expenditure

      2. 4.Retirement benefits

    3. SUPPLEMENTARY PROVISION

      1. 5.Varied transactions

    4. COST OF CREDIT ARRANGEMENTS

      1. 6.Calculation of cost of credit arrangements

  5. PART 4 CAPITAL RECEIPTS

    1. SUMS TO BE TREATED AS CAPITAL RECEIPTS

      1. 7.Repayment of loan etc. to a local authority

      2. 7A.Bonds

      3. 8.Disposal of mortgage portfolio

      4. 9.Payment made to redeem landlord’s share

      5. 9A.Social HomeBuy receipts

      6. 9B.Securitisation transaction receipts

    2. SUMS NOT TO BE TREATED AS CAPITAL RECEIPTS

      1. 10.Capital receipts not exceeding £10,000

      2. 11.Operating and finance leases

    3. POOLING OF RECEIPTS

      1. 12.Pooling of receipts from housing land

      2. 13.Interest on late payments

      3. 14.Specified amount

      4. 15.Capital receipt treated as reduced

      5. 16.Available capital allowance

      6. 16A.Available Social HomeBuy allowance

      7. 16B.Total Social HomeBuy allowance

      8. 17.Total capital allowance

      9. 18.Provision of affordable housing

      10. 19.Regeneration projects

      11. 20.Capital receipts reduced by costs of buying back dwellings in the preceding year

      12. 20A.Capital receipts reduced by consideration for former new town assets

      13. 21.Transitional reductions for debt-free authorities

      14. 22.Non-money receipts

    4. MISCELLANEOUS

      1. 23.Use of capital receipts

  6. PART 5 SUPPLEMENTARY

    1. 24.Guidance

    2. 25.Expenditure to be capital expenditure

    3. 26.Expenditure not to be capital expenditure

  7. PART 6 REVENUE PROVISION

    1. 27.Duty to make revenue provision

    2. 28.Determination of minimum revenue provision

    3. 29.Past deficiencies in minimum revenue provision

  8. PART 7 ACCOUNTS

    1. 29A.Accounting for capital expenditure

    2. 30.Retirement benefits

    3. 30A.Back payment following unequal pay

    4. 30B.Early repayment of loans – premiums and discounts at 31st March 2007

    5. 30C.Early repayment of loans – premiums and discounts after 31st March 2007

    6. 30D.Interest on loans given by local authorities

    7. 30E.Interest on stepped interest rate loans taken out by local authorities

    8. 30F.Financial guarantees given by local authorities

    9. 30G.Impairment of certain investments

    10. 30H.Short-term accumulating compensated absences

    11. 30I.Lease classification

    12. 31.Proper practices

  9. PART 8 MISCELLANEOUS PROVISIONS

    1. 32.Local authorities for the purposes of Part 1 of the Local Government Act 2003 – levying bodies

    2. 33.Use of amounts set aside under the Local Government and Housing Act 1989

    3. 34.Loans to qualifying local government bodies

  10. Signature

    1. SCHEDULE

      Calculation of the sub-liability

      1. 1.(1) This Schedule applies to capital receipts derived from dwellings...

      2. 2.In this Schedule— “available buy back allowance” is an amount...

      3. 3.(1) The buy back allowance for the relevant quarter means...

      4. 4.In this Schedule— A means the total receipts received from...

      5. 5.E (the total transaction cost) means— H × I ....

      6. 6.F means— B − C − F * * except...

      7. 7.G means— (a) in the period of quarter 1— D...

      8. 8.J means an amount of the available buy back allowance...

      9. 9.Where— (a) A is less than or equal to E...

      10. 10.Transitional provision for calculating the buy back allowance

  12. Explanatory Note