Regulation 5 Expenditure to be capital expenditure

(1)

In regulation 25 of the Principal Regulations (expenditure to be capital expenditure)—

(a)

in sub-paragraph (d) of paragraph (1)—

(i)

before “the acquisition of”, there shall be inserted “subject to paragraph (3),”; and

(ii)

the word “and” shall be omitted;

(b)

after sub-paragraph (e) of paragraph (1), there shall be added—

“; and

(f)

the payment of any levy by a local authority under section 136 of the Leasehold Reform Housing and Urban Development Act 1993 (levy on disposals)^f1”; and

(c)

after paragraph (2), there shall be added—

“(3)

Where the expenditure referred to in paragraph (1)(d) is—

(a)

an investment in a money market fund; or

(b)

the acquisition of loan capital in—

(i)

a multilateral development bank; or

(ii)

a financial institution that is guaranteed by the United Kingdom Government,

It shall not be treated as being capital expenditure by virtue of this regulation.”.

Annotations

Footnotes

f1: 1993 c. 28; section 136 was amended by section 109 of the Finance Act 1997 (c. 16).