The Local Authorities (Capital Finance) (Amendment) (No.3) Regulations 1992

• Citation: S.I. 1992/2819
• Sections: 2

Section 1

These Regulations may be cited as the Local Authorities (Capital Finance) (Amendment) (No.3) Regulations 1992 and shall come into force on 13th November 1992.

Section 2

Regulation 14 (reserved part of capital receipts) of the Local Authorities (Capital Finance) Regulations 1990 shall be amended by the insertion, at the beginning of paragraphs (1) and (2), of the words “Subject to paragraph (3) below” and, at the end of paragraph (2), of the following paragraphs–

(3) For the purposes of section 59(3), the reserved part of a capital receipt shall be–

(a) in the case of a receipt falling within paragraph 2 of Part I of Schedule 1 which is received by a local authority during the period beginning on 13th November 1992 and ending on 31st December 1993 (“the relevant period”), 50 per cent., and

(b) in the case of any other receipt received by a local authority during the relevant period, other than a receipt to which paragraph (4) below applies, nil per cent.

(4) This paragraph applies to–

(a) a sum which is a capital receipt by virtue of section 58(1)(b),

(b) a capital receipt falling within paragraph 1, 3, 4, 5 or 6 of Part I of Schedule 1 or within Part II of that Schedule, or

(c) a capital receipt derived from the disposal by a local authority to any person of a dwelling-house held for the purposes of Part II of the Housing Act 1985 where, within the relevant period, 250 or more such dwelling-houses have been, or (following that disposal) will have been, disposed of by the authority to that person.