Regulation 11 Operating and finance leasesI1
England and Wales
A sum received by a local authority—
(a)
under any arrangement which is treated, in accordance with proper practices, as an operating lease or a finance lease;
(b)
which, apart from this regulation, would be a capital receipt; and
(c)
which, in accordance with proper practices, is to be credited to a revenue account,
shall not be treated for the purposes of Chapter 1 of Part 1 as a capital receipt.
Annotations
Commencement
- I1
Reg. 11 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)