Regulation 8 Reserved part of capital receipts: England and Wales

in paragraph 1, the following sub–paragraph shall be inserted after sub– paragraph (a)–

“(aa)

was acquired by the local authority in a public airport company (within the meaning of Part II of the Airports Act 1986) on or after that date–

(i)

by way of consideration for the transfer to the company of any property or rights of the authority; or

(ii)

in advance of such a transfer by virtue of a scheme under section 15 of that Act; or”^f1; and

after paragraph 5A there shall be added, in column (1), “5B. Sums which are capital receipts by virtue of regulation 12(d).” and, in column (2), “75%”.