# The Local Authorities (Capital Finance and Accounting) (England) Regulations 2003, Regulation 11: Operating and finance leases

Extent: E+W

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.

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Source: https://www.legislation.gov.uk/uksi/2003/3146/regulation/11 (the official version)
Page: https://openlegislation.uk/local-authorities-capital-finance-and-accounting-england-regulations-2003/regulation-11
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.