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The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2023

S.I. 2023/241 · Made 1 March 2023

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 1st March 2023

Laid before Parliament 6th March 2023

Coming into force 31st March 2023

The Secretary of State makes these Regulations in exercise of the powers conferred by sections 21(1) and 123(1) of the Local Government Act 2003f1.

Annotations to the whole text

Footnotes

f1

2003 c. 26.

Contents

  1. 1Citation, commencement and extent
  2. 2Amendment of the Local Authorities (Capital Finance and Accounting) (England) Regulations 2003
  3. Signature
  4. Explanatory note

1Citation, commencement and extent

(1)

These Regulations may be cited as the Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2023.

(2)

These Regulations come into force on 31st March 2023.

(3)

These Regulations extend to England and Wales.

2Amendment of the Local Authorities (Capital Finance and Accounting) (England) Regulations 2003

In regulation 30K(5) of the Local Authorities (Capital Finance and Accounting) (England) Regulations 2003 (fair value gains and losses of pooled investment funds)f1, for “2023” substitute “2025”.

Signature

Signed by authority of the Secretary of State for Levelling Up, Housing and Communities

Lee Rowley

Parliamentary Under Secretary of State

Department for Levelling Up, Housing and Communities

1st March 2023

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Local Authorities (Capital Finance and Accounting) (England) Regulations 2003 (S.I. 2003/3146) (the “2003 Regulations”).

Regulation 30K of the 2003 Regulations provides that a local authority must not charge an amount to its revenue account to reflect any fluctuation in the fair value of a local authority’s investment in a pooled investment fund. Instead, such amounts must be recorded in a separate account established and usable solely for that purpose. These Regulations extend the application of regulation 30K by two financial years.

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