Regulation 103 Disposal of land—development of land by authorityI1

England and Wales Not yet in force

(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)

before making the disposal, the authority incurred expenditure on—

(i)

obtaining planning permission for the development of the land, or taking any other steps required to facilitate such development;

(ii)

preparing the land for development;

(iii)

acquiring an interest, easement, servitude or right in or over the land or adjoining land for the purpose of facilitating the disposal of the interest; or

(iv)

obtaining the release of a restrictive covenant affecting the land;

(b)

the total amount of capital receipts derived from the disposal exceeds the total amount of capital receipts that would have been derived from the disposal if the authority had not incurred that expenditure; and

(c)

the amount of that excess is not less than the amount of the expenditure.

(3)

For the purposes of paragraph (1), the amount of the reduction is the aggregate of—

(a)

the amount of the expenditure incurred by the authority on any of the matters mentioned in paragraph (2) (a), other than so much of the expenditure in respect of which a contribution, grant or subsidy has been paid by a Minister of the Crown, or a body to which such a Minister may pay sums out of moneys provided by Parliament, or a Community institution; and

(b)

the administrative costs of making the disposal from which the capital receipts are derived.

Annotations

Commencement

I1: Reg. 103 in force at 1.4.1997, see reg. 1(1)(b)