Amendment of the Local Government (Structural Changes) (Transfer of Functions, Property, Rights and Liabilities) Regulations 2008
7. The Local Government (Structural Changes) (Transfer of Functions, Property, Rights and Liabilities) Regulations 2008(1) are amended, in regulation 6 (interpretation and application of Part 3), in paragraph (1), by the substitution for the definition of “financial reserves” of—
““financial reserves”, in relation to a predecessor council and any successor council, means—
the total of such amounts of a description contained in section 69(2A)(b) of the Local Government Finance Act 1992(2) (construction of references to expenditure incurred by a billing authority, major precepting authority or local precepting authority); and
the total of the amount of the predecessor council’s capital receipts, as defined for the purposes of Chapter 1 of the Local Government Act 2003(3)”.
1992 c. 14. Section 69(2A) was inserted by paragraph 51(1) and (3) of Schedule 7 to the Local Government Act 2003 (c.26) (“the 2003 Act”). Section 69(2A) broadly corresponds to section 41(3) of the Local Government and Housing Act 1989 (c.42) which was repealed by the 2003 Act, Schedule 8, Part 1.
2003 c.26. As to “capital receipts” see section 9(1) of that Act.