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5. After regulation 30J insert—
30K.—(1) In this regulation—
“administering authority” means an administering authority as defined in Schedule 1 to the Local Government Pension Scheme Regulations 2013(1);
“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(4) falling within the period beginning with 1st April 2018 and ending with 31st March 2023.”.
S.I. 2013/2356. There are amending instruments but none is relevant.
For the definition of “financial year” see section 124 of the Local Government Act 2003.
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