Regulation 4 Accounting for capital expenditure

After regulation 29 of the Principal Regulations (commutation adjustment), at the beginning of Part 7 (accounts), insert—

“Accounting for capital expenditure

29A.

Where expenditure of a local authority—

(a)

is expenditure which falls to be capitalised in accordance with proper practices (“capital expenditure”); or

(b)

is treated as being capital expenditure by virtue of regulations made, or a direction given, under section 16(2),

that expenditure need not be charged to a revenue account of the local authority.”.