# The Local Authority (Capital Finance and Accounting) (Scotland) (Coronavirus) Amendment Regulations 2021, Regulation 3: Amendment of the Local Authority (Capital Finance and Accounting) (Scotland) Regulations 2016


After regulation 14 (duty to make a statutory repayment of loans fund advances) insert—
“Deferral of statutory repayments in 2020-21 or 2021-22
14A (1) A local authority may reduce the amount of any of the statutory repayments it is due to make to the loans fund (whether that amount was determined under these Regulations or prior to them), but—
(a) if it reduces any repayment under the power in this paragraph in the financial year 2020-21, it may not reduce any repayments under the power in the financial year 2021-22,
(b) it may not reduce any of those repayments to an amount less than zero, and
(c) in determining the amount that is available for reduction, any increase resulting from a variation of the amount of that statutory repayment by the local authority after 31 March 2020 must be ignored.
(2) For the purposes of section 56(6) of the 1973 Act the decision enabled by paragraph (1) is a function of the local authority with respect to borrowing money (and therefore is a function that may be discharged only by the local authority itself).
(3) Where a local authority reduces the amount of any statutory repayment in accordance with paragraph (1), it must also determine the repayments that are to be made to repay it within whichever is the shorter of—
(a) the remainder of the period relevant to that loans fund advance as already determined by the local authority, or
(b) 20 years from the end of the financial year in which the reduction is made.
(4) In determining the amounts of the repayments required by paragraph (3) the local authority must consider what amounts are prudent.
(5) Nothing in this regulation restricts the power of a local authority to vary the period or amount of a repayment as permitted by regulation 14(2).”.

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Source: https://www.legislation.gov.uk/sdsi/2021/9780111048658/regulation/3 (the official version)
Page: https://openlegislation.uk/draft-local-authority-capital-finance-and-accounting-scotland-coronavirus-amendment-regulations-2021/regulation-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.