xmlns:atom="http://www.w3.org/2005/Atom" xmlns:atom="http://www.w3.org/2005/Atom"

PART 4E+WCAPITAL RECEIPTS

POOLING OF RECEIPTSE+W

[F1Pooling of receipts from housing landE+W

12.(1) The local authority must use capital receipts to pay the poolable amount in respect of each quarter to the Secretary of State on or before the following dates (“the due date”)—

(a)(i)30th April;

(ii)31st July;

(iii)31st October; or

(iv)31st January,

whichever of those days is the earliest day following the last day of the quarter; or

(b)if later, such date as is notified to the local authority by the Secretary of State.

(2) Where the poolable amount paid to the Secretary of State has been incorrectly calculated by the local authority, the local authority must—

(a)pay any outstanding amount to the Secretary of State (including any interest payable under regulation 13); or

(b)offset any amount paid in excess of the poolable amount against any further poolable amount payable to the Secretary of State under this regulation.]

Textual Amendments

[F1Interest on late paymentsE+W

13.(1) The local authority must use capital receipts, which it derived from the disposal of housing land, to pay interest to the Secretary of State in accordance with the following provisions of this regulation.

(2) Where the local authority does not pay part or all of the poolable amount to the Secretary of State by the due date, the local authority shall pay interest to the Secretary of State on the unpaid part amount of the poolable amount.

(3) The interest shall be calculated on any unpaid amount at a rate of 1% above base rate on a day to day basis compounded with three-monthly rests.

(4) Where interest is payable by virtue of paragraph (2), the interest on the unpaid amount shall be calculated for the period starting on the day after the due date and ending on the date of the payment of the unpaid amount.

(5) The local authority must pay to the Secretary of State any interest, payable in respect of any unpaid amount, on the date on which it pays the unpaid amount.

(6) In this regulation—

“base rate” means the base rate for the time being quoted by the reference banks or, where there is for the time being more than one such rate, the rate which, when the base rate quoted by each bank is ranked in descending sequence of seven, is fourth in the sequence; and

“reference banks” means the seven largest persons for the time being who—

(i)

have permission under Part IV of the Financial Services and Markets Act 2000 (permission to carry on regulated activities) to accept deposits;

(ii)

are incorporated in the United Kingdom and carry on there a regulated activity of accepting deposits; and

(iii)

quote a base rate in sterling,

and for the purpose of this definition the size of any person at any time is to be determined by reference to the gross assets denominated in sterling by that person, together with any subsidiary (as defined in section 1159 of the Companies Act 2006), as shown in the audited end-of-year accounts last published before that time.]

Textual Amendments

[F1Specified amountE+W

14.[F2(1) This regulation applies to the following capital receipts arising from the disposal of housing land prior to 1st April 2012—

(a)amounts received by the local authority as mortgagee of any housing land;

(b)amounts received on or after 1st April 2006, in relation to the disposal of the authority’s rights and obligations as mortgagee of any dwelling; and

(c)amounts received pursuant to the enforcement of a covenant contained in a conveyance of a freehold or grant of a leasehold in compliance with section 155 of the Housing Act 1985 (repayment of the right to buy discount).]

[F3(2) Where this regulation applies, the specified amount is an amount equal to 75% of the capital receipt in relation to the disposal of housing land.]

F4(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Capital receipt treated as reducedE+W

F515.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Available capital allowanceE+W

F516.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Available Social HomeBuy allowanceE+W

F116A.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Total Social HomeBuy allowanceE+W

F116B.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Total capital allowanceE+W

F517.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Provision of affordable housingE+W

F518.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Regeneration projectsE+W

F519.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Capital receipts reduced by costs of buying back dwellings in the preceding yearE+W

F120.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Capital receipts reduced by consideration for former new town assetsE+W

F120A.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Transitional reductions for debt-free authoritiesE+W

F121.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Non-money receiptsE+W

22.—(1) Subject to paragraphs (2) to (4), where on or after 1st April 2004 a local authority makes a disposal, other than a qualifying disposal [F6or a small scale disposal], of an interest in housing land—

(a)which is a disposal of the kind mentioned in section 9(1) (capital receipt) and the consideration for the disposal does not consist wholly of money payable to the authority; or

(b)in respect of which the authority receives otherwise than in the form of money any consideration which, if received in that form, would be a capital receipt under section 9,

the authority shall determine the amount (the “notional capital receipt”) which would have been the capital receipt if the consideration for the disposal had been wholly in money payable to the authority.

(2) Where money is payable to the authority in respect of the disposal, the notional capital receipt shall be determined by deducting the amount of that money from the amount which would have been the capital receipt if the consideration for the disposal had been wholly in money payable to the authority.

(3) Where the consideration for the disposal, or part of the consideration, consists of —

(a)the grant of a right to the local authority to nominate a person either to occupy any dwelling or to acquire the freehold of, or a leasehold interest in, any dwelling; or

(b)an undertaking given to the local authority to allow only a person of a particular description to occupy any dwelling or acquire the freehold of, or a leasehold interest in, any dwelling,

the amount of the notional capital receipt in respect of that consideration or that part of the consideration, as the case may be, shall be treated as nil.

(4) For the purposes of determining the notional capital receipt for a disposal, the consideration for the disposal shall be deemed to be received by the authority at the time that the authority makes the disposal.

(5) For the purposes of Chapter 1 of Part 1, a notional capital receipt shall be treated as a capital receipt and the amount specified in regulation 12(4) shall be calculated accordingly.

Textual Amendments

Commencement Information

I2Reg. 22 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)