The Local Authorities (Payment of Levy on Disposals) Regulations 1995

• Citation: S.I. 1995/1981
• Sections: 2

Section 1 Citation, commencement and interpretation

(1) These Regulations may be cited as the Local Authorities (Payment of Levy on Disposals) Regulations 1995 and shall come into force on 24th August 1995.

(2) In these Regulations “ the Act ” means the Leasehold Reform, Housing and Urban Development Act 1993.

Section 2 Levy on disposals of dwelling-houses

(1) The amounts which may by virtue of subsection (8) of section 136 of the Act be applied as mentioned in that subsection shall not exceed the relevant percentage of the levy concerned.

(2) In paragraph (1) above, “relevant percentage” means either—

(a) the percentage of the aggregate amount “CR” defined in section 136(3) of the Act which is set aside by the authority as provision to meet credit liabilities in accordance with section 59(1) and section 61(4) of the Local Government and Housing Act 1989 , or

(b) where the percentage mentioned in sub-paragraph (a) above is nil, 1 per cent.