Regulation 2 Amendment of Regulations
Regulation 26 of the Local Authorities (Capital Finance) Regulations 1990f1 (minimum revenue provision for financial years beginning on or after 1st April 1991) shall be amended as follows—
in paragraph (1), by the substitution for the words “Subject to paragraphs (5) to (9) below,” of the words “Subject to paragraphs (5) to (11) below,”;
in paragraph (7), by the substitution for the words “Subject to paragraph (8) below,” of the words “Subject to paragraphs (8) and (10) below,”;
after paragraph (9), by the addition of the following paragraphs—
“(10)In relation to a local authority which is a London borough council or the Common Council of the City of London, P in the formula in paragraph (7) above shall, in respect of the financial year beginning on 1st April 1994 only, be reduced by an amount equal to the product of the authority’s deemed debt and 0.035.
(11)Paragraph (9) shall apply to determine an authority’s deemed debt for the purposes of paragraph (10) above as if the references to “1993” in sub-paragraphs (a) and (b) were instead references to “1994”.”.