The Local Authorities (Capital Finance and Accounting) (England) Regulations 2003 No. 3146

PART 3 E+W CREDIT ARRANGEMENTS

TRANSACTIONS WHICH ARE NOT CREDIT ARRANGEMENTS E+W

Liabilities that do not arise from capital expenditure E+W

3.—(1) The liabilities of a local authority specified in paragraph (2) are liabilities specified for the purposes of section 7(3)(c) (exclusion of certain liabilities from definition of “qualifying liabilities”).

(2) The liabilities specified for the purposes of paragraph (1) are liabilities that do not arise from a transaction which results in the local authority being required, in accordance with proper practices, to recognise a [F1 non-current asset which is not a financial asset] in any balance sheet.

Textual Amendments

F1 Words in reg. 3(2) substituted (31.3.2012) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2012 (S.I. 2012/265), regs. 1(2), 4(2) (with reg. 1(4))

Commencement Information

I1 Reg. 3 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)