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The Local Authorities (Capital Finance and Accounting) (England) Regulations 2003, Section 19 is up to date with all changes known to be in force on or before 08 August 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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19.—(1) Subject to regulation 12(5), for the purposes of calculating the amount specified in regulation 12(4)(a), a capital receipt derived from a disposal by a local authority of an interest in a dwelling, which meets the conditions specified in paragraph (2), shall be treated as reduced by an amount determined in accordance with paragraph (3).
(2) For the purposes of paragraph (1), the disposal meets the conditions specified in this paragraph if—
(a)prior to the disposal, an interest in the dwelling was disposed of by the local authority under Part V of the Housing Act 1985 (right to buy)(1) (“the initial sale”);
(b)within the period of five years beginning on the date of the initial sale, the local authority reacquired that interest in the dwelling (“the repurchase”);
(c)the disposal is made by the authority within the period of three years beginning on the date of the repurchase;
(d)the authority makes the initial sale and the disposal by, in each case—
(i)conveying the freehold interest in the dwelling;
(ii)granting a lease of the dwelling for a term of not less than 125 years;
(iii)assigning its entire leasehold interest in the dwelling; or
(iv)granting a shared ownership lease; and
(e)where the interest disposed of is a lease other than a shared ownership lease, the authority estimates that not less than 90 per cent. of the capital value of the lease has been, or is to be, received by it within one year of the date of the disposal.
(3) The amount of the reduction for the purposes of paragraph (1) is—
where—
X is the amount of expenditure incurred by the authority on the repurchase; and
Y is the amount of the administrative costs of and incidental to the repurchase.
(4) In this regulation, “shared ownership lease” means a lease of a dwelling granted on payment to the local authority of a premium which is calculated by reference to a percentage of the value of the dwelling or of the cost of providing it, and is not less than 25 per cent. of that value or cost.
Commencement Information
I1Reg. 19 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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