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Regulation 138 Commutation adjustments to minimum revenue provisionI1

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)

Subject to paragraph (2), where—

(a)

any debt of the authority to the Public Works Loan Commissioners was reduced or extinguished by a commuted payment (within the meaning which that expression has in section 157) paid by the Secretary of State to the Commissioners in the financial year beginning on 1st April 1992, or

(b)

the Secretary of State paid a commuted payment to the authority in that financial year,

the authority shall determine the amount in respect of principal for the purposes of paragraph 15(1)(a) of Schedule 3 to the Act in accordance with the following formula—

P-A

where—

  • “P” is the amount which would have been the amount in respect of principal for the current year if the determination under regulation 131 had not been subject to adjustment under this regulation; and

  • “A” is the amount of the authority’s commutation adjustment for the current year determined in accordance with Part II of Schedule 2 to these Regulations.

(2)

For the purposes of paragraph (1), where amount “A” exceeds amount “P”, the amount in respect of principal for the purposes of paragraph 15(1)(a) of Schedule 3 to the Act shall be nil.

Annotations

Commencement

I1

Reg. 138 in force at 1.4.1997, see reg. 1(1)(b)