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The Local Authorities (Capital Finance and Accounting) (England) Regulations 2003
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- UK Statutory Instruments
- 2003 No. 3146
- PART 7
- Regulation 30D
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Changes over time for: Section 30D
Version Superseded: 01/04/2015
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- 01/04/2007- Amendment
- 01/04/2013
Point in time - 01/04/2015- Amendment
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The Local Authorities (Capital Finance and Accounting) (England) Regulations 2003, Section 30D is up to date with all changes known to be in force on or before 19 January 2025. 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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[F1Interest on loans given by local authoritiesE+W
30D.—(1) Where—
(a)on or after 1st April 2007, a local authority gives a loan to a person;
(b)the authority, in accordance with proper practices, includes an amount in respect of that loan in its balance sheet at the end of the financial year in which the loan is given (“the loan year”); and
(c)the amount referred to in sub-paragraph (b) is less than the amount of the loan outstanding at the end of the loan year,
paragraph (3) shall apply.
(2) Where—
(a)a local authority gave a loan to a person before 1st April 2007 and the whole or any remaining part of the loan is outstanding on or after 1st April 2007;
(b)the authority, in accordance with proper practices, includes an amount in respect of that loan in its balance sheet at the end of the financial year which began on 1st April 2007 (“the 2007 financial year”); and
(c)the amount referred to in sub-paragraph (b) is less than the amount of the loan outstanding at the end of the 2007 financial year,
paragraph (3) shall apply.
(3) Where this paragraph applies, the amount of the interest, if any, in respect of the loan, which the local authority credits to its revenue account—
(a)(i)where the loan was given on or after 1st April 2007, in the loan year; or
(ii)where the loan was given before 1st April 2007, in the 2007 financial year; and
(b)in each subsequent year until, and including, the financial year in which the whole or any remaining part of the loan is fully repaid,
shall be the amount of the interest, if any, which it is due to receive in that year in accordance with the loan agreement for that loan.]
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