{
  "url": "https://openlegislation.uk/local-authorities-capital-finance-and-accounting-wales-amendment-regulations-2016/regulation-3",
  "json_url": "https://openlegislation.uk/local-authorities-capital-finance-and-accounting-wales-amendment-regulations-2016/regulation-3.json",
  "legislation": "wsi/2016/102",
  "legislation_title": "The Local Authorities (Capital Finance and Accounting) (Wales) (Amendment) Regulations 2016",
  "legislation_url": "https://openlegislation.uk/local-authorities-capital-finance-and-accounting-wales-amendment-regulations-2016",
  "path": "regulation/3",
  "kind": "regulation",
  "number": "3",
  "heading": "Accounting practices",
  "text": "After regulation 25 of the 2003 Regulations insert––\n“Accounting treatment of loans from the Public Works Loan Board drawn down on 2 April 2015\n25A. (1) This regulation applies to loans for the purpose of funding the settlement payment to exit the HRA Subsidy system—\n(a) given to local authorities by the Public Works Loan Board; and\n(b) drawn down on 2 April 2015.\n(2) Where the interest rates applicable to the loans specified in paragraph (1) are agreed at a rate of interest which is other than the prevailing market rate of interest set on 2 April 2015, a local authority is not required to recognise in its revenue account any difference from the prevailing market rate for the purpose of fair value.\n(3) Interest payable on a loan specified in paragraph (1) must be recognised in a local authority revenue account on the day when, or as soon as practicable after, a local authority becomes liable to pay that interest.\n(4) This regulation applies to the financial years beginning on and after 1 April 2015.\n(5) In this regulation—\n“fair value” means the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, in accordance with proper practices as defined in regulation 25;\n“HRA Subsidy” means the system established under section 79 of the Local Government and Housing Act 1989.”",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "1989 (c. 42). Section 79 of the Local Government and Housing Act 1989 is going to be repealed in relation to Wales by section 131(2) and (3)(a) of the Housing (Wales) Act 2014 (anaw 7)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/wsi/2016/102/regulation/3",
    "retrieved_at": "2026-10-28T23:31:19.164115+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."
}