Explanatory note

These Regulations further amend the Local Authorities (Capital Finance) Regulations 1990. Regulation 2 of those Regulations is amended to provide that, when a local authority make a repayment of, or a payment in respect of, a grant or financial assistance which the authority received from a Minister of the Crown or a Community institution towards expenditure for capital purposes, then that repayment or payment by the authority is expenditure for capital purposes.

Two statutory instruments were made, one on 5th March 1992 (S.I. 1992/502), the other on 13th March 1992 (S.I. 1992/738), with the title of “The Local Authorities (Capital Finance) (Amendment) Regulations 1992.” Regulation 3 of these Regulations revokes the second of those instruments but continues in force the substantive amendments which it made to the Local Authorities (Capital Finance) Regulations 1990.