# The Local Authorities (Capital Finance) (Amendment No. 2) Regulations 1996, Regulation 5: Capital receipts to be treated as reduced: replacement of assets


In regulation 18 —
(a) 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 (assistance for owners of defective housing); or”;
(b) 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”;
(c) omit paragraph (3)(c); and
(d) 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.”.

---
Source: https://www.legislation.gov.uk/uksi/1996/2121/regulation/5 (the official version)
Page: https://openlegislation.uk/local-authorities-capital-finance-amendment-no-2-regulations-1996/regulation-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.