Regulation 5 Capital receipts not wholly in money paid to the authority

In regulation 20, for paragraph (3B) substitute the following paragraph —

“(3B)

In the case of non-monetary consideration which —

(a)

is received by a local authority in respect of the disposal of an interest in land under or in connection with a relevant transaction within the meaning of regulation 7C, 7D, or 7E above; and

(b)

is consideration received by the authority under that transaction,

the reserved part of the notional capital receipt shall be nil.”.