{
  "url": "https://openlegislation.uk/local-authorities-capital-finance-amendment-england-regulations-1999/note",
  "json_url": "https://openlegislation.uk/local-authorities-capital-finance-amendment-england-regulations-1999/note.json",
  "legislation": "uksi/1999/3423",
  "legislation_title": "Local Authorities (Capital Finance) (Amendment) (England) Regulations 1999",
  "legislation_url": "https://openlegislation.uk/local-authorities-capital-finance-amendment-england-regulations-1999",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations further amend the Local Authorities (Capital Finance) Regulations 1997 by substituting a new regulation 40 for the existing text.\nThe new regulation 40 introduces an accountancy based test for determining whether a credit arrangement which is a private finance transaction has a nil initial cost. The new test exempts schemes if there is sufficient risk transfer to keep the scheme off the authority’s balance sheet. The regulation also exempts schemes in two specified circumstances where an asset has been recognised in the authority’s balance sheet.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1999/3423/note",
    "retrieved_at": "2026-10-29T09:26:17.021461+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}