The Local Authorities (Capital Finance) (Amendment No. 2) (England) Regulations 2003

• Citation: S.I. 2003/515
• Sections: 2

Section 1 Citation, commencement and application

(1) These Regulations may be cited as the Local Authorities (Capital Finance) (Amendment No. 2) (England) Regulations 2003 and shall come into force on 1st April 2003.

(2) The amendments made by these Regulations apply only in relation to local authorities in England.

Section 2 Amendment of the Local Authorities (Capital Finance) Regulations 1997

(1) The Local Authorities (Capital Finance) Regulations 1997 are amended as follows.

(2) After regulation 12A (expenditure not required to be charged to a revenue account—expenditure for capital purposes on property within the Housing Revenue Account) insert—

Expenditure not required to be charged to a revenue account—expenditure in respect of liabilities for retirement benefits

(12B)

(1) Expenditure in respect of liabilities for retirement benefits appropriated to a pension reserve in accordance with proper practices shall be expenditure falling within section 42(2).

(2) For the purposes of paragraph (1) “retirement benefits” means benefits payable pursuant to—

(a) the Local Government Pension Scheme Regulations 1997 ;

(b) the Firemen’s Pension Scheme Order 1992 ;

(c) the Police Pensions Regulations 1987 ;

(d) the Local Government (Early Termination of Employment) (Discretionary Compensation) (England and Wales) Regulations 2000 ;

(e) the Teachers (Compensation for Redundancy and Premature Retirement) Regulations 1997 ; and

(f) any other regulations made under section 24 of the Superannuation Act 1972 (compensation for loss of office, etc ) .

(3) Regulation 16 (meaning of private finance transaction) is amended as follows—

(a) in paragraph (1)—

(i) omit the definition of “relevant asset”; and

(ii) in the definition of “works”, omit the words “, apart from works consisting of the construction of a house or other dwelling on housing land”; and

(b) in paragraph (2)—

(i) in sub-paragraph (a)(i), for the words “a relevant” substitute “an”; and

(ii) in sub-paragraph (d)(ii), omit the word “relevant”.