OpenLegislation

The Local Authorities (Capital Finance) Regulations 1997

S.I. 1997/319 · Made 12 February 1997 · Extends to England and Wales

Not fully up to date. 200 changes made by later legislation have not yet been written into this text, which is revised to 12 February 1997.

See the changes not yet applied
ProvisionChangeMade by
reg. 58coming into forceLocal Authorities (Capital Finance) 1997 reg. 1(1)(b)
reg. 92coming into forceLocal Authorities (Capital Finance) 1997 reg. 1(1)(b)
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reg. 162(a)coming into forceLocal Authorities (Capital Finance) 1997 reg. 1(1)(a)
reg. 162(b)coming into forceLocal Authorities (Capital Finance) 1997 reg. 1(1)(b)
reg. 163coming into forceLocal Authorities (Capital Finance) 1997 reg. 1(1)(b)
Sch. 1 para. 1coming into forceLocal Authorities (Capital Finance) 1997 reg. 1(1)(b)
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reg. 2coming into forceLocal Authorities (Capital Finance) 1997 reg. 1(1)(b)
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reg. 88coming into forceLocal Authorities (Capital Finance) 1997 reg. 1(1)(b)
reg. 89coming into forceLocal Authorities (Capital Finance) 1997 reg. 1(1)(b)
reg. 90coming into forceLocal Authorities (Capital Finance) 1997 reg. 1(1)(b)
reg. 91coming into forceLocal Authorities (Capital Finance) 1997 reg. 1(1)(b)
reg.86dA)addedLocal Authorities (Capital Finance) 1997 reg.5(b)
reg.16(2)(e)substitutedLocal Authorities (Capital Finance) 1997 reg.3(c)
reg.16(2)(a)(i i)(d)(i i)rev.in pt.Local Authorities (Capital Finance) 1997 reg.3(b)
reg.16(2)(a)(i)rev.in pt.Local Authorities (Capital Finance) 1997 reg.3(a)
reg.112(1)substitutedLocal Authorities (Capital Finance) 1997 reg.6
reg.40(1)rev.in pt.Local Authorities (Capital Finance) 1997 reg.4(a)
reg.40(2)(a)(3)(b)rev.in pt.Local Authorities (Capital Finance) 1997 reg.4(b)
reg.86(1) (defn, of relevant land)amendedLocal Authorities (Capital Finance) 1997 reg.5(a)
reg.64 (defn. of housing land)addedLocal Authorities (Capital Finance) 1998 reg.5
reg.8AaddedLocal Authorities (Capital Finance) 1998 reg.3
reg.58AaddedLocal Authorities (Capital Finance) 1998 reg.4
reg.60revokedLocal Authorities (Capital Finance) 1998 reg.12(1)
reg.64AaddedLocal Authorities (Capital Finance) 1998 reg.6
reg.65(2)(c)(d)replaced (by reg.65(2)(Ccl))Local Authorities (Capital Finance) 1998 reg.7(a)
reg.65(3)addedLocal Authorities (Capital Finance) 1998 reg.7(b)

LOCAL GOVERNMENT, ENGLAND AND WALES

Made 12th February 1997

Laid before Parliament 24th February 1997

Coming into force

for the purposes of regulations 120, 121 and 162(a) 30th March 1997

for all other purposes 1st April 1997

The Secretary of State for the Environment, as respects England, and the Secretary of State for Wales, as respects Wales, in exercise of the powers conferred on them by sections 40(5), 42(4), 48(1)(c) and (5), 49(3), 51(7), 57(1)(c), 58(4)(b) and (9), 59(3) to (5), 61(4), 64(2) and (5), 66(1)(a) and (6), 190(1) and 191(1) of, and paragraphs 10, 11(2), 15(1)(a), 17, 18(1) and 20 of Schedule 3 to, the Local Government and Housing Act 1989f1, and of all other powers enabling them in that behalf, hereby make the following Regulations:

Annotations to the whole text

Footnotes

f1

1989 c. 42.

Contents

  1. Part I: GENERAL Not yet in force
  2. 1Citation, commencement and interpretation Not yet in force
  3. Part II: EXPENDITURE FOR CAPITAL PURPOSES Not yet in force
  4. Expenditure to be expenditure for capital purposes Not yet in force
  5. 2Issue of loan instruments Not yet in force
  6. 3Building works Not yet in force
  7. 4Advances and grants for building works Not yet in force
  8. 5Repayment of grants by local authority Not yet in force
  9. 6Housing disposal costs Not yet in force
  10. 7Computer programs Not yet in force
  11. 8Expenditure under private finance transactions Not yet in force
  12. Expenditure not to be expenditure for capital purposes Not yet in force
  13. 9Financial assistance for officers Not yet in force
  14. 10Expenditure on certain investments Not yet in force
  15. Part III: CHARGE OF EXPENDITURE TO REVENUE ACCOUNTS Not yet in force
  16. 11Expenditure required to be charged to a revenue account Not yet in force
  17. 12Expenditure not required to be charged to a revenue account Not yet in force
  18. Part IV: CREDIT ARRANGEMENTS Not yet in force
  19. Preliminary Provisions Not yet in force
  20. 13Interpretation Not yet in force
  21. 14Capital cost of leases Not yet in force
  22. 15Consideration to be disregarded Not yet in force
  23. 16Meaning of private finance transaction Not yet in force
  24. Transactions which are credit arrangements Not yet in force
  25. 17Private finance transactions Not yet in force
  26. Leases and contracts which are not credit arrangements Not yet in force
  27. 18Leases and contracts of small value Not yet in force
  28. 19Leases under which the consideration given mostly in first year Not yet in force
  29. 20Operating leases Not yet in force
  30. 21Contracts with residuary bodies Not yet in force
  31. 22Licensing contracts Not yet in force
  32. 23Investments made for the purposes of a superannuation fund Not yet in force
  33. 24Other leases excluded from section 48 Not yet in force
  34. 25Other contracts excluded from section 48 Not yet in force
  35. Initial and subsequent cost of leases Not yet in force
  36. 26Exclusion of leases from section 49(2) Not yet in force
  37. Leases of which the initial cost is nil Not yet in force
  38. 27Cost of lease at any time Not yet in force
  39. 28Leases under certain private finance transactions Not yet in force
  40. 29Lease of land for term not exceeding three years Not yet in force
  41. 30Lease of dwelling-house for use as accommodation for homeless persons Not yet in force
  42. 31Lease of land for non-housing purposes Not yet in force
  43. 32Consecutive leases of land for total term not exceeding ten years Not yet in force
  44. 33Fire authority leases Not yet in force
  45. 34National Park authority leases Not yet in force
  46. Other leases Not yet in force
  47. 35Leases having an initial cost which includes consideration under earlier lease Not yet in force
  48. 36Leases of other descriptions Not yet in force
  49. 37Leases under private finance transactions—leases not falling with regulation 28 Not yet in force
  50. 38Reduction in the initial cost of certain leases Not yet in force
  51. 39Cost at any time of certain leases Not yet in force
  52. Private finance transactions Not yet in force
  53. 40Transactions for the provision of a capital asset and services Not yet in force
  54. 41Transactions for the replacement or enhancement of a building and provision of heating services Not yet in force
  55. 42Transactions for the provision of a building and heating services Not yet in force
  56. Initial and subsequent cost of other credit arrangements Not yet in force
  57. 43Arrangement for improving the heating or lighting of a building Not yet in force
  58. 44Arrangement for improving street lighting Not yet in force
  59. 45Initial cost and cost at any time of arrangements for heating or lighting improvements Not yet in force
  60. Variation of credit arrangements Not yet in force
  61. 46Variation of arrangements excluded from section 49(2) Not yet in force
  62. 47The adjusted cost of arrangements—general provision Not yet in force
  63. 48Leases having an adjusted cost of nil Not yet in force
  64. 49Variation of lease where initial cost included consideration under earlier lease Not yet in force
  65. 50Continuation of tenancy under Part II of the Landlord and Tenant Act 1954 Not yet in force
  66. 51Cost of arrangements at any time after variation Not yet in force
  67. Part V: CREDIT APPROVALS Not yet in force
  68. 52Interpretation Not yet in force
  69. 53Specified capital grants—all local authorities Not yet in force
  70. 54Specified capital grants—local authorities in England Not yet in force
  71. 55Specified capital grants—local authorities in Wales Not yet in force
  72. Part VI: CAPITAL RECEIPTS Not yet in force
  73. Sums to be capital receipts Not yet in force
  74. 56Transfer of property under the London Government Act 1963 Not yet in force
  75. 57Transfer of property under the Local Government Act 1972 Not yet in force
  76. 58Repayment of money deemed to have been borrowed Not yet in force
  77. 59Payment made to redeem landlord’s share Not yet in force
  78. 60Disposal of premises transferred to grant-maintained school Not yet in force
  79. Sums not to be capital receipts Not yet in force
  80. 61Capital receipts not exceeding £6,000 Not yet in force
  81. 62Disposal of investments Not yet in force
  82. 63Repayment of grants Not yet in force
  83. Part VII: RESERVED PART OF CAPITAL RECEIPTS Not yet in force
  84. Preliminary provisions Not yet in force
  85. 64Interpretation Not yet in force
  86. 65Capital receipts of debt-free authorities Not yet in force
  87. Share capital and loan capital Not yet in force
  88. 66Disposal of share and loan capital Not yet in force
  89. Repayment of grants and other receipts Not yet in force
  90. 67Grants and advances to housing associations Not yet in force
  91. 68Payments in respect of transferred property and deemed borrowing Not yet in force
  92. 69Payments for redemption of landlord’s share Not yet in force
  93. 70Payments in respect of disposal of premises transferred to grant-maintained school Not yet in force
  94. Interests in land and other assets Not yet in force
  95. 71Assets held for the administration of justice or for the purposes of the police or civil defence Not yet in force
  96. 72Hostels and lodging houses Not yet in force
  97. 73Crematoria Not yet in force
  98. 74Land used for the purposes of education Not yet in force
  99. 75Agricultural holdings Not yet in force
  100. Special provisions for Wales Not yet in force
  101. 76Disposal of land held for housing purposes Not yet in force
  102. 77Disposal of shared ownership leases Not yet in force
  103. 78Other disposals of dwellings Not yet in force
  104. Part VIII: CAPITAL RECEIPTS TO BE TREATED AS REDUCED Not yet in force
  105. Preliminary provisions Not yet in force
  106. 79Meaning of authority Not yet in force
  107. 80Capital value of a lease Not yet in force
  108. 81Adjusting the amount by which a capital receipt shall be reduced Not yet in force
  109. 82Capital receipts in relation to a single asset Not yet in force
  110. 83Notional capital receipts Not yet in force
  111. 84Nature of disposal of interest in land Not yet in force
  112. 85Meaning of regeneration project Not yet in force
  113. Disposals of land in aid of regeneration Not yet in force
  114. 86Capital receipts derived from disposals made to assist regeneration Not yet in force
  115. 87Disposal of unoccupied dwellings Not yet in force
  116. 88Disposal of industrial estates Not yet in force
  117. 89Disposal of docks and harbours etc. Not yet in force
  118. 90Disposal of leisure facilities Not yet in force
  119. 91Disposal of shops and offices etc. Not yet in force
  120. 92Disposal of land for development Not yet in force
  121. 93Amount of reduction of receipts derived from relevant disposals Not yet in force
  122. Capital receipts in respect of which repayments fall to be made to a public body Not yet in force
  123. 94Improvement of land out of moneys provided by Parliament Not yet in force
  124. 95Improvement of land out of moneys provided by the Urban Regeneration Agency or the Welsh Development Agency Not yet in force
  125. Other disposals of interests in land Not yet in force
  126. 96Disposal of recently acquired interests in land Not yet in force
  127. 97Land in England—disposal of certain dwellings Not yet in force
  128. 98Disposal of recently improved land Not yet in force
  129. 99Disposal and replacement of land or buildings Not yet in force
  130. 100Disposal of former new town assets Not yet in force
  131. 101Disposal of former residuary body assets Not yet in force
  132. 102Disposal of land—compensation for planning decision Not yet in force
  133. 103Disposal of land—development of land by authority Not yet in force
  134. 104Disposals of dwellings in exchange for certain flats Not yet in force
  135. Part IX: NOTIONAL CAPITAL RECEIPTS Not yet in force
  136. Preliminary provisions Not yet in force
  137. 105Interpretation Not yet in force
  138. 106Notional capital receipts to be treated as reduced Not yet in force
  139. Reserved part of notional capital receipts Not yet in force
  140. 107Disposal of redundant land in exchange for vacant land Not yet in force
  141. 108Disposal of land to another local authority Not yet in force
  142. 109Disposal of land in exchange for nomination rights Not yet in force
  143. 110Disposal of interest in land in exchange for works on the land Not yet in force
  144. 111Disposal of land in exchange for right to use the land after enhancement Not yet in force
  145. 112Disposal of property under a private finance transaction Not yet in force
  146. 113Disposal of lease in exchange for lessor’s promise to forbear Not yet in force
  147. 114Disposal of assets in exchange for share or loan capital in a company Not yet in force
  148. Part X: THE CREDIT CEILING Not yet in force
  149. Modifications of credit ceiling Not yet in force
  150. 115Interpretation Not yet in force
  151. 116Credit ceiling on or after 1st April 1997 Not yet in force
  152. 117Credit ceiling not reduced by certain minimum revenue provision Not yet in force
  153. 118Credit ceiling increased by use of amount set aside to pay levy on disposals of housing Not yet in force
  154. 119Credit ceiling not increased by use of amount set aside to meet certain expenditure Not yet in force
  155. 120Credit ceilings of combined and superseded fire authorities Not yet in force
  156. 121Credit ceilings of authorities for National Parks Not yet in force
  157. Excluded credit arrangements Not yet in force
  158. 122General exclusion for leases of land Not yet in force
  159. 123Exclusion for private finance transactions Not yet in force
  160. Part XI: THE ADJUSTED CREDIT CEILING Not yet in force
  161. 124Adjusted credit ceiling Not yet in force
  162. 125Basis of determination Not yet in force
  163. 126Amounts set aside—transferred property and deemed borrowing Not yet in force
  164. 127Amounts set aside—transferred debt of designated councils Not yet in force
  165. 128Amounts set aside—advances to housing associations Not yet in force
  166. 129Amounts set aside—interests in a regulated company Not yet in force
  167. Part XII: MINIMUM REVENUE PROVISION Not yet in force
  168. Preliminary provisions Not yet in force
  169. 130Interpretation Not yet in force
  170. The components of minimum revenue provision Not yet in force
  171. 131Minimum revenue provision for financial years beginning after 31st March 1997 Not yet in force
  172. 132Percentage of the housing amount and non-housing amount Not yet in force
  173. 133Percentage of the relevant amount Not yet in force
  174. 134Outstanding advances from a loans fund Not yet in force
  175. 135Transferred debt of designated councils Not yet in force
  176. 136Use of certain credit approvals Not yet in force
  177. 137Use of amounts set aside to meet liabilities under credit arrangements which had an initial cost of nil Not yet in force
  178. Commutation of periodic payments Not yet in force
  179. 138Commutation adjustments to minimum revenue provision Not yet in force
  180. The housing amount and non-housing amount Not yet in force
  181. 139Basis of determination Not yet in force
  182. 140Housing and non-housing amounts for financial year beginning 1st April 1997 Not yet in force
  183. 141Housing and non-housing amounts for subsequent financial years Not yet in force
  184. 142General provisions affecting the determination of housing and non-housing amounts Not yet in force
  185. The housing component for subsequent financial years Not yet in force
  186. 143Determining the housing component Not yet in force
  187. 144Determining the housing reduction Not yet in force
  188. 145Determining the housing increase Not yet in force
  189. 146Increase in housing component where minimum revenue provision in the last year was nil Not yet in force
  190. The non-housing component for subsequent financial years Not yet in force
  191. 147Determining the non-housing component Not yet in force
  192. 148Determining the non-housing reduction Not yet in force
  193. 149Determining the non-housing increase Not yet in force
  194. 150Increase in non-housing component where minimum revenue provision in the last year was nil Not yet in force
  195. The relevant amount Not yet in force
  196. 151Relevant amount for financial year beginning 1st April 1997 Not yet in force
  197. 152Relevant amount for subsequent financial years Not yet in force
  198. 153Adjustment for certain amounts set aside under separate provision Not yet in force
  199. Part XIII: USE OF AMOUNTS SET ASIDE TO MEET CREDIT LIABILITIES Not yet in force
  200. 154Interpretation Not yet in force
  201. 155Use of amounts set aside in respect of certain capital receipts Not yet in force
  202. 156Use of amounts set aside—expenditure for capital purposes Not yet in force
  203. 157Use of amounts set aside—revenue expenditure Not yet in force
  204. 158Transfer of amounts set aside Not yet in force
  205. 159Conditions specified in relation to the transfer of amounts set aside Not yet in force
  206. Part XIV: SUPPLEMENTARY PROVISIONS Not yet in force
  207. 160Interpretation of Part IV of the Act—references to loans and borrowing Not yet in force
  208. 161Approved investments Not yet in force
  209. 162Revocations Not yet in force
  210. 163Savings Not yet in force
  211. Signature
  212. Schedule 1USE OF LAND FOR A SPECIFIED PURPOSE Not yet in force
  213. 1Paragraph 1 Not yet in force
  214. 2Paragraph 2 Not yet in force
  215. 3Paragraph 3 Not yet in force
  216. 4Paragraph 4 Not yet in force
  217. 5Paragraph 5 Not yet in force
  218. 6Paragraph 6 Not yet in force
  219. 7Paragraph 7 Not yet in force
  220. 8Paragraph 8 Not yet in force
  221. 9Paragraph 9 Not yet in force
  222. 10Paragraph 10 Not yet in force
  223. Schedule 2: MINIMUM REVENUE PROVISION SAVINGS AND COMMUTATION ADJUSTMENTS Not yet in force
  224. Part 1: Interpretation Not yet in force
  225. 1Paragraph 1 Not yet in force
  226. Part 2: Commutation Adjustments Not yet in force
  227. 2Paragraph 2 Not yet in force
  228. Part 3: Minimum Revenue Provision Savings Not yet in force
  229. 3Paragraph 3 Not yet in force
  230. 4Paragraph 4 Not yet in force
  231. 5Paragraph 5 Not yet in force
  232. Part 4: INTEREST SAVINGS AND THE AMOUNT IN RESPECT OF INTEREST Not yet in force
  233. 6Paragraph 6 Not yet in force
  234. 7Paragraph 7 Not yet in force
  235. 8Paragraph 8 Not yet in force
  236. 9Paragraph 9 Not yet in force
  237. 10Paragraph 10 Not yet in force
  238. Schedule 3SUBORDINATE LEGISLATION REVOKED Not yet in force
  239. Explanatory note