OpenLegislation

Regulation 101 Disposal of former residuary body assetsI1

England and Wales Not yet in force

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

(1)

Capital receipts of a description specified in paragraph (2) shall be treated for the purposes only of section 59 as reduced by an amount determined in accordance with paragraph (3).

(2)

For the purposes of paragraph (1), capital receipts derived from a disposal of an interest in land are specified where—

(a)

the authority acquired the interest from a residuary body established by section 57 of the Local Government Act 1985f1; and

(b)

the whole or part of the consideration falling to be given by the authority for the acquisition of that interest is required to be given when the authority dispose of the interest.

(3)

For the purposes of paragraph (1), the amount of the reduction is an amount equal to the value of the consideration which falls to be given by the authority, as mentioned in paragraph (2)(b), on making the disposal from which the capital receipts are derived.

Annotations

Commencement

I1

Reg. 101 in force at 1.4.1997, see reg. 1(1)(b)

Footnotes

f1

1985 c. 51.