Regulation 15 Calculation of minimum revenue provision

in paragraph (1), for the definition of HC, there shall be substituted—

“HC is to be calculated in accordance with the formula HD - HE.”; and

after paragraph (1A)^f1, there shall be inserted—

“(1B)

For the purposes of the definition of HC in paragraph (1)—

(a)

HD is—

(i)

in the case of a housing authority, the opening HRA capital financing requirement for the current financial year; and

(ii)

in the case of any other local authority, nil; and

(b)

HE is—

(i)

in the case of a housing authority whose opening HRA capital financing requirement for the financial year beginning on 1st April 2004 was a negative amount, that amount; and

(ii)

in the case of any other local authority, nil.”.