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The Local Authorities (Capital Finance and Accounting) (England) Regulations 2003, TRANSACTIONS WHICH ARE NOT CREDIT ARRANGEMENTS is up to date with all changes known to be in force on or before 26 July 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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3.—(1) The liabilities of a local authority specified in paragraph (2) are liabilities specified for the purposes of section 7(3)(c) (exclusion of certain liabilities from definition of “qualifying liabilities”).
(2) The liabilities specified for the purposes of paragraph (1) are liabilities that do not arise from a transaction which results in the local authority being required, in accordance with proper practices, to recognise a [F1non-current asset which is not a financial asset] in any balance sheet.
Textual Amendments
F1Words in reg. 3(2) substituted (31.3.2012) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2012 (S.I. 2012/265), regs. 1(2), 4(2) (with reg. 1(4))
Commencement Information
I1Reg. 3 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)
4.—(1) Liabilities for retirement benefits appropriated to a pension reserve in accordance with proper practices are liabilities specified for the purposes of section 7(3)(c).
(2) For the purposes of paragraph (1) and regulation 30, “retirement benefits” means benefits payable pursuant to [F2statutory requirements under an arrangement accounted for as a defined benefit pension plan or as other long-term employee benefits (as defined in accordance with proper practices).]
Textual Amendments
F2Words in reg. 4(2) substituted (1.4.2010) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2010 (S.I. 2010/454), regs. 1(1)(b), 3(1) (with reg. 3(2))
Modifications etc. (not altering text)
C1Reg. 4(2) modified (31.3.2010) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2010 (S.I. 2010/454), regs. 1(1)(a), 3(2)
Commencement Information
I2Reg. 4 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)
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