Regulation 2 Expenditure to be expenditure for capital purposes

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg.2(9)(10) added by Local Authorities (Capital Finance and Approved Investments) 1995 reg.3
reg.s 2(3)”(6), 6(4)(d) added by Local Authorities (Capital Finance) 1991
reg.2(8) added by Local Authorities (Capital Finance) 1993 reg.2(a)
reg.2(1)-(3)(5)-(8) applied by Residuary Body for Wales (Miscellaneous Provisions) 1995 reg.5(1)
reg.2(11) added by Local Government Changes for England (Payments to Designated Authorities) (Minimum Revenue Provision) 1995 reg.9(b)
reg.2(7) added by Local Authorities (Capital Finance) 1992 reg.2

(1)

Expenditure incurred by a local authority in the issue of a relevant loan instrument shall be expenditure for capital purposes.

(2)

In paragraph (1) above, a “relevant loan instrument” means a loan instrument issued in relation to any loan other than a loan in respect of which all payments or repayments by the authority are to be made not later than one year after the loan instrument is issued.