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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 30K
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Changes over time for: Section 30K
Alternative versions:
- 19/12/2018- Amendment
- 31/12/2020- Amendment
- 31/03/2023- Amendment
- 01/06/2024- Amendment
- 01/06/2024
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The Local Authorities (Capital Finance and Accounting) (England) Regulations 2003, Section 30K is up to date with all changes known to be in force on or before 19 November 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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[F1Fair value gains and losses of pooled investment fundsE+W
30K.—(1) In this regulation—
“administering authority” means an administering authority as defined in Schedule 1 to the Local Government Pension Scheme Regulations 2013;
“fair value” means the fair value of an investment as determined in accordance with proper practices;
“fair value gain or loss” means a change in the fair value of an investment;
“pooled investment fund” means—
(2) Where a local authority—
(a)invests in a pooled investment fund (other than in its capacity as an administering authority in relation to a pension fund), and
(b)a fair value gain or loss experienced on the authority’s investment in that pooled investment fund would otherwise be charged to a revenue account by that local authority in accordance with proper practices,
paragraph (3) applies.
(3) Where this paragraph applies, the authority—
(a)must not charge to a revenue account an amount in respect of that fair value gain or loss; and
(b)must charge that amount to an account established, charged and used solely for the purpose of recognising fair value gains and losses in accordance with this regulation.
(4) Paragraph (3) does not apply in respect of—
(a)an impairment loss in relation to the authority’s investment in a pooled investment fund as recognised in a revenue account of the authority in accordance with proper practices; or
(b)a sale or other disposal of the whole or any part of the authority’s investment in a pooled investment fund.
(5) This regulation applies in relation to accounts prepared for financial years falling within the period beginning with 1st April 2018 and ending with 31st March [F52025].]
Textual Amendments
F1Reg. 30K inserted (19.12.2018) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2018 (S.I. 2018/1207), regs. 1(2), 5
F2Words in reg. 30K(1) omitted (1.6.2024) by virtue of The Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No. 2) Regulations 2024 (S.I. 2024/602), regs. 1(2), 2(4)
F3Word in reg. 30K(1) omitted (31.12.2020) by virtue of The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2019 (S.I. 2019/396), regs. 1(2), 5(b); 2020 c. 1, Sch. 5 para. 1(1)
F4Words in reg. 30K(1) inserted (31.12.2020) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2019 (S.I. 2019/396), regs. 1(2), 5(c); 2020 c. 1, Sch. 5 para. 1(1)
F5Word in reg. 30K(5) substituted (31.3.2023) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2023 (S.I. 2023/241), regs. 1(2), 2
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