PART 4CAPITAL RECEIPTS
SUMS NOT TO BE TREATED AS CAPITAL RECEIPTS
Operating and finance leases11.
A sum received by a local authority—
(a)
under any arrangement which is treated, in accordance with proper practices, as an operating lease or a finance lease;
(b)
which, apart from this regulation, would be a capital receipt; and
(c)
which, in accordance with proper practices, is to be credited to a revenue account,
shall not be treated for the purposes of Chapter 1 of Part 1 as a capital receipt.