{
  "url": "https://openlegislation.uk/local-authorities-capital-finance-and-accounting-england-amendment-regulations-2024/note",
  "json_url": "https://openlegislation.uk/local-authorities-capital-finance-and-accounting-england-amendment-regulations-2024/note.json",
  "legislation": "uksi/2024/478",
  "legislation_title": "The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2024",
  "legislation_url": "https://openlegislation.uk/local-authorities-capital-finance-and-accounting-england-amendment-regulations-2024",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations amend the Local Authorities (Capital Finance and Accounting) (England) Regulations 2003 (S.I. 2003/3146) (“the 2003 Regulations”), which make provision about the accounting practices to be followed by local authorities.\nRegulation 27 of the 2003 Regulations makes provision about when a local authority must make a charge to a revenue account in respect of the financing by debt of capital expenditure (“minimum revenue provision”). These Regulations amend regulation 27 to expressly provide that the duty to make revenue provision applies to all capital expenditure financed by debt except the financing of specified loans. These Regulations also provide that a local authority may delay the charging of minimum revenue provision in specified circumstances.\nRegulation 28 of the 2003 Regulations provides how a local authority must determine the amount of minimum revenue provision. Although the financing of certain loans is generally excluded from the duty to make minimum revenue provision, this will not apply if the local authority has recognised expected or actual credit loss in respect of that loan. Therefore, these Regulations amend regulation 28 to require those losses to be charged to a revenue account unless certain exceptions apply. The amendments made by these Regulations will also expressly provide that a local authority must not reduce its determination of what would otherwise be a prudent amount by the value of capital receipts (with an exception for the financing of certain loans and finance leases).\nA full regulatory impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2024/478/note",
    "retrieved_at": "2026-10-28T21:31:19.999554+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}