# The Education (Grants to Aided and Special Agreement Schools) Regulations 1998, Regulation 2: Interpretation


(1) In these Regulations—
“the Act” means the Education Act 1996;
“associated school property” has the meaning given by regulation 4 below;
“eligible expenditure” means qualifying expenditure in respect of which the Secretary of State determines that a grant should be made in any particular case;
“market value” in relation to property means the value which that property might reasonably be expected to fetch on a sale in the open market as determined by the district valuer (within the meaning of section 622 of the Housing Act 1985);
“net proceeds of disposal” means the proceeds of disposal of associated school property (other than disposal by way of the grant of a lease) less—
(a) the incidental costs of making the disposal;
(b) any expenditure incurred with the prior approval of the Secretary of State—
(i) on making or keeping the property safe or secure until disposal,
(ii) which is necessary to effect a disposal, other than the incidental costs of making the disposal, or
(iii) on the payment of the premiums on any policy of insurance relating to the property; and
(c) any payments made to the local education authority pursuant to a determination by the Secretary of State under section 60(4) or 62(2) of the Act;
“relevant school” in the context of the making of a grant means the school or proposed school in respect of which the grant is made.
(2) For the purposes of the definition of “net proceeds of disposal” in paragraph (1) above the incidental costs of making the disposal shall consist of expenditure wholly and exclusively incurred for the purposes of the disposal being fees, commission or remuneration paid for the professional services of any surveyor, valuer, auctioneer, accountant, agent or legal adviser and the costs of transfer or conveyance together with costs of advertising to find a buyer.

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Source: https://www.legislation.gov.uk/uksi/1998/1216/regulation/2 (the official version)
Page: https://openlegislation.uk/education-grants-to-aided-and-special-agreement-schools-regulations-1998/regulation-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.