Regulation 5 Capital receipts to be treated as reduced: replacement of assets

in paragraph (3), after sub-paragraph (a) insert the following sub-paragraph —

“(aa)

the land is a defective dwelling within the meaning of Part XVI of the Housing Act 1985^f1 (assistance for owners of defective housing); or”;

in paragraph (3)(b), for “immediately before the disposal”substitute “at the time of the authority’s decision to make the disposal”, and at the end of that paragraph omit the word “or”;

omit paragraph (3)(c); and

in paragraph (4), for sub-paragraphs (b) and (c) substitute the following sub-paragraph —

“(b)

at the same time as making that decision, the authority decided to acquire a new interest in the land after the disposal, or an interest in any other land, or to carry out works on any land, and either —

(i)

if the land is of a description mentioned in paragraph (3)(a) or (aa) above, to use the new land for the purposes of Part II of the Housing Act 1985; or

(ii)

if the land is of a description mentioned in paragraph (3)(b) above, to use the new land for the same qualifying purpose, or a different purpose within the same category as that which includes the same qualifying purpose.”.