The Local Authorities (Capital Finance and Accounting) (Wales) Regulations 2003 No. 3239 (W. 319)

PART 3 E+W CAPITAL RECEIPTS

SUMS NOT TO BE TREATED AS CAPITAL RECEIPTS E+W

[F1 Operating and finance leases E+W

9A.— (1) A sum received by a local authority —

(a) under any arrangement which is treated, in accordance with proper practices, as an operating lease or a finance lease;

(b) which, apart from this Regulation would be a capital receipt; and

(c) which, in accordance with proper practices, is to be credited to a revenue account,

shall not be treated for the purposes of Chapter 1 of Part 1 as a capital receipt.

(2) In paragraph (1) “local authority” includes a community council and charter trustees.]

Textual Amendments

F1 Reg. 9A inserted (1.4.2004) by The Local Authorities (Capital Finance and Accounting) (Wales) (Amendment) Regulations 2004 (S.I. 2004/1010), regs. 1(1), 2(8)