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

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MISCELLANEOUSE+W

Use of capital receiptsE+W

23.  Capital receipts may only be used for one or more of the following purposes—

(a)to meet capital expenditure;

(b)to repay the principal of any amount borrowed;

(c)to pay a premium charged in relation to any amount borrowed;

(d)to meet any liability in respect of credit arrangements, other than any liability which, in accordance with proper practices, must be charged to a revenue account;

(e)to meet the F1... costs of or incidental to a disposal of an interest in housing land; or

(f)to make a payment to the Secretary of State under [F2regulation 12, 13, the Schedule or pursuant to any agreement made under section 11(6) of the Local Government Act 2003;]; F3...

F4(g). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F5(h)to meet the costs of or incidental to a disposal of an interest in land other than housing land, provided these do not exceed 4% of the capital receipt arising from the disposal; F6...

(i)to make all or part of a payment to a person, where the obligation to make that payment arises on the disposal of an asset, as a result of an agreement made at the time of the acquisition of that asset, or in relation to such an agreement][F7; or

(j)where receipts are received on or after 1st April 2012, to make a back payment (within the meaning of regulation 30A(2)) in respect of unequal pay where the liability arises in the circumstances specified in regulation 30A(3).]

Textual Amendments

Commencement Information

I1Reg. 23 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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