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

(1)

The Local Authorities (Capital Finance) Regulations 1997^f1 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^f2;

(b)

the Firemen’s Pension Scheme Order 1992^f3;

(c)

the Police Pensions Regulations 1987^f4;

(d)

the Local Government (Early Termination of Employment) (Discretionary Compensation) (England and Wales) Regulations 2000^f5;

(e)

the Teachers (Compensation for Redundancy and Premature Retirement) Regulations 1997^f6; and

(f)

any other regulations made under section 24 of the Superannuation Act 1972 (compensation for loss of office, etc)^f7.”.

(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”.

Annotations

Footnotes

f1: S.I. 1997/319 amended by S.I. 1998/371, 1999/1852, 2000/3237 and 2003/43. There are other amendments not relevant to these Regulations.
f2: S.I. 1997/1612 to which there are amendments not relevant to these Regulations.
f3: S.I. 1992/129.
f4: S.I. 1987/257 to which there are amendments not relevant to these Regulations.
f5: S.I. 2000/1410 to which there are amendments not relevant to these Regulations.
f6: S.I. 1997/311 to which there are amendments not relevant to these Regulations.
f7: 1972 c. 11 amended by the Police Pensions Act 1976 (c. 35), section 13(1) and Schedule 2(10).