# The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2008, Regulation 5: Early repayment of loans – premiums and discounts after 31st March 2007


In regulation 30C—
(a) for paragraph (1)(b) substitute—
“(b) as a consequence of such early repayment—
(i) the authority is required to pay a premium to the lender of the loan or is required, in accordance with proper practices, to account for an amount in respect of a premium as if it were required to pay such a premium; or
(ii) the lender of the loan gives the authority a discount on the loan or the authority is required, in accordance with proper practices, to account for an amount in respect of a discount as if the lender had given the authority such a discount; and”;
(b) in paragraph (6) for the words after “consecutively);” substitute—
““initial year” means the financial year in which the loan is repaid; and
“replacement loan” means any loan of money to the local authority some or all of which the authority treats, for accounting purposes, as a replacement for some or all of the loan referred to in sub-paragraph (a) of paragraph (1).”.

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Source: https://www.legislation.gov.uk/uksi/2008/414/regulation/5 (the official version)
Page: https://openlegislation.uk/local-authorities-capital-finance-and-accounting-england-amendment-regulations-2008/regulation-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.