# The Local Authorities (Capital Finance) (Amendment No. 2) Regulations 1996, Regulation 4: Reserved part of capital receipts


In regulation 14, in paragraph (19), for sub-paragraph (e) substitute the following sub-paragraph —
“(e) if, at the time of the authority’s decision to dispose of their interest in the land, the land was subject to a contract for an agricultural tenancy, the authority have offered to dispose of their interest to the tenant under the tenancy at a price not exceeding an amount determined in accordance with the formula —
3×(P1-P2)4+P2 where —
“P1”means the price which the authority would reasonably expect to be agreed for a sale of the interest on the open market subject to a surrender of the tenancy; and
“P2”means the price which the authority would reasonably expect to be agreed for a sale of the interest on the open market subject to the tenancy.”.

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Source: https://www.legislation.gov.uk/uksi/1996/2121/regulation/4 (the official version)
Page: https://openlegislation.uk/local-authorities-capital-finance-amendment-no-2-regulations-1996/regulation-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.