OpenLegislation

The Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No.2) Regulations 2009

S.I. 2009/2272 · Made 19 August 2009

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Local Government, England

Made 19th August 2009

Laid before Parliament 26th August 2009

Coming into force 1st October 2009

The Secretary of State, in exercise of the powers conferred by sections 9(3) and 11 of the Local Government Act 2003f1, makes the following Regulations:

Annotations to the whole text

Footnotes

f1

2003 c.26.

Contents

  1. 1Citation, commencement and application
  2. 2Amendment of Regulations
  3. 3Capital receipts treated as reduced
  4. Signature
  5. Explanatory note

1Citation, commencement and application

(1)

These Regulations may be cited as the Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No. 2) Regulations 2009 and shall come into force on 1st October 2009.

(2)

These Regulations apply only in relation to local authorities in England.

2Amendment of Regulations

The Local Authorities (Capital Finance and Accounting) (England) Regulations 2003f1 are amended as specified in regulation 3.

3Capital receipts treated as reduced

In regulation 14, after paragraph (2C), insert—

“(2D)

Paragraph (2) shall not apply to capital receipts arising from the disposal of an interest in housing land which is the subject of an agreement made under section 80B of the Local Government and Housing Act 1989f1”.

Signature

Signed by authority of the Secretary of State for Communities and Local Government

Bill McKenzie

Parliamentary Under Secretary of State

Department for Communities and Local Government

19th August 2009

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Local Government (Capital Finance and Accounting) Regulations 2003 (“the 2003 Regulations”).

Regulation 3 inserts paragraph (2D) into regulation 14 of the 2003 Regulations. The effect of the new paragraph is that where housing land (defined in regulation 1(5) of the 2003 Regulations) is the subject of an agreement made under section 80B of the Local Government and Housing Act 1989, the capital receipt arising on disposal of an interest in such land by a local authority may be regarded as a capital receipt that may be treated as provided for in regulation 14(1)(c) of the 2003 Regulations.

Regulation 14(1)(c) provides for the amount of the capital receipt to be treated as reduced by an amount determined by the local authority up to the value of its available capital allowance. That value is determined in accordance with regulations 15 and 16 of the 2003 Regulations.

A full impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.