Regulation 12 Sums to be capital receipts

The following sums received by a local authority shall be capital receipts–

(a)

any sums in respect of principal which fall to be paid to the authority by any body by virtue of–

(i)

an order made under section 51(2), 58(2) or 67(4) of, or paragraph 7 or 9 of Schedule 10 to, the Local Government Act 1972^f1, regulations made under section 67(1) or (2) of that Act, or an agreement made under section 68 of that Act, in relation to any matter which has been transferred by virtue of the order, regulations or agreement, as the case may be, from the authority to the body;

(ii)

an order made under section 254(1) or (2)(a) or (d) of the Local Government Act 1972 or under those provisions as extended by section 34(1) of, and paragraph 5(2)(b) of Schedule 6 to, the Water Act 1973^f2, in relation to any matter which has been transferred by virtue of the Local Government Act 1972 or the order from the authority to the body; or

(iii)

an order made under section 23(3) or 84 of the London Government Act 1963^f3 in relation to any matter which has been transferred by virtue of the order from the authority to the body; and

(b)

any sums received by the authority (“the designated authority”) in respect of repayments of principal in relation to money which, by virtue of an order made under section 66(1) or 67(3) of the Local Government Act 1985, a local authority are deemed to have borrowed from the designated authority.

Annotations

Footnotes

f1: 1972 c. 70.
f2: 1973 c. 37.
f3: 1963 c. 33. Paragraph (a) and part of paragraph (b) of section 23(3) were repealed with savings by Schedule 17 to the Local Government Act 1985 (c. 51).