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The Local Authorities (Capital Finance and Accounting) (England) Regulations 2003
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- UK Statutory Instruments
- 2003 No. 3146
- PART 4
- SUMS TO BE TREATED...
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Changes over time for: SUMS TO BE TREATED AS CAPITAL RECEIPTS
Version Superseded: 01/04/2006
Alternative versions:
- 01/01/2004- Amendment
- 16/12/2004
Point in time - 01/04/2006- Amendment
- 31/03/2008- Amendment
- 01/04/2012- Amendment
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Point in time view as at 16/12/2004.
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The Local Authorities (Capital Finance and Accounting) (England) Regulations 2003, SUMS TO BE TREATED AS CAPITAL RECEIPTS is up to date with all changes known to be in force on or before 12 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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SUMS TO BE TREATED AS CAPITAL RECEIPTSE+W
Repayment of loan etc. to a local authorityE+W
7.—(1) For the purposes of Chapter 1 of Part 1 (capital finance etc), the sums referred to in paragraph (2), paid on or after 1st April 2004, shall be treated as capital receipts.
(2) Subject to paragraph (3), the sums referred to for the purposes of paragraph (1) are sums paid to a local authority as repayment of any loan, grant or other financial assistance given by the local authority for such a purpose that, if the giving of that financial assistance had been expenditure incurred at the time of the repayment, it would have constituted capital expenditure(1).
(3) Where the financial assistance referred to in paragraph (2) is a loan given by a parish council or charter trustees, any sums paid to the local authority as repayment of that loan shall not be treated as capital receipts.
Commencement Information
I1Reg. 7 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)
Disposal of mortgage portfolioE+W
8. For the purposes of Chapter 1 of Part 1, a sum received by a local authority on or after 1st April 2004 in respect of the disposal of the authority’s rights and obligations as mortgagee of any housing land which, apart from this regulation, would not be a capital receipt, shall be treated as a capital receipt.
Commencement Information
I2Reg. 8 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)
Payment made to redeem landlord’s shareE+W
9. For the purposes of Chapter 1 of Part 1, where an interim or final payment is made to a local authority, on or after 1st April 2004, in accordance with Schedule 6A to the Housing Act 1985 (redemption of landlord’s share)(2), the sum received by the authority shall be treated as a capital receipt if, apart from this regulation, it would not be a capital receipt.
Commencement Information
I3Reg. 9 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)
(1)
See section 16 (“capital expenditure”) and regulations 25 and 26.
(2)
1985 c. 68; Schedule 6A was inserted by section 117(2) of, and Schedule 16 to, the Leasehold Reform, Housing and Urban Development Act 1993 (c. 28). There are amendments to Schedule 6A that are not relevant to these Regulations.
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