The Local Authorities (Capital Finance) (Amendment) (No. 2) Regulations 1992

• Citation: S.I. 1992/1618
• Sections: 3

Section 1

These Regulations may be cited as the Local Authorities (Capital Finance) (Amendment) (No. 2) Regulations 1992 and shall come into force on 31st July 1992.

Section 2

The Local Authorities (Capital Finance) Regulations 1990 shall be amended in regulation 2 by the addition after paragraph (6) of the following paragraph—

(7) Where a local authority—

(a) have at any time received a grant or any other financial assistance from a Minister of the Crown or Community institution towards expenditure incurred by the authority for capital purposes, and

(b) subsequently are required to repay the grant or assistance or make a payment in respect of it,

then the expenditure of the authority incurred in making that repayment or payment shall be expenditure for capital purposes.

Section 3

(1) The Local Authorities (Capital Finance) (Amendment) Regulations 1992 made by the Secretary of State for the Environment on 13th March 1992 (“the Amendment Regulations”) are hereby revoked.

(2) Notwithstanding the revocation above, the Part VIIIA inserted by regulation 2 of the Amendment Regulations in the Local Authorities (Capital Finance) Regulations 1990 shall remain in force as Part VIIIA of those Regulations.