{ "url": "https://openlegislation.uk/local-authorities-capital-finance-regulations-1997/regulation-16", "json_url": "https://openlegislation.uk/local-authorities-capital-finance-regulations-1997/regulation-16.json", "legislation": "uksi/1997/319", "legislation_title": "The Local Authorities (Capital Finance) Regulations 1997", "legislation_url": "https://openlegislation.uk/local-authorities-capital-finance-regulations-1997", "path": "regulation/16", "kind": "regulation", "number": "16", "heading": "Meaning of private finance transaction", "text": "(1) In this regulation, “relevant asset” means any non-housing land or any other asset (including works) which is not land.\n(2) For the purposes of this Part, a transaction is a private finance transaction if—\n(a) the consideration received by the authority under the transaction includes the provision—\n(i) of a relevant asset for use for, or in connection with, the exercise of a function of the authority (“the relevant purpose”); and\n(ii) of services in relation to the use of the asset for the relevant purpose;\n(b) the authority do not give to any person any undertaking or guarantee in respect of any obligations or liabilities of the person with whom they enter into the transaction (whether incurred under the transaction or otherwise);\n(c) the consideration given by the authority under the transaction includes the payment of fees by instalments at annual or more frequent intervals;\n(d) the fees are determined in accordance with provisions relating to—\n(i) standards attained in the performance of the services; or\n(ii) the extent, rate or intensity of use of the asset for the relevant purpose;\n(e) the first instalment of fees falls to be paid after the authority have begun to use the asset for the relevant purpose; and\n(f) the terms agreed for the transaction do not provide for any variation in the amount of fees payable, other than variation under the provisions mentioned in sub-paragraph (d), and any provision agreed for increasing the fees by reference to—\n(i) increases in heating costs attributable to increases in the price of gas, electricity or fuel; or\n(ii) the figure in Table 2.1 of Economic Trends published by the Office for National Statistics as the most recent percentage change, quarter on corresponding quarter of previous year, of the implied gross domestic product deflator at market prices.", "extent": "E+W", "status": "prospective", "version": "current", "annotations": [ { "type": "I", "label": "I1", "text": "Reg. 16 in force at 1.4.1997, see reg. 1(1)(b)" }, { "type": "footnote", "label": "f1", "text": "Available from the Office for National Statistics or from The Stationery Office." } ], "outstanding_effects": [ { "type": "rev.in pt.", "affecting": "uksi/1997/848", "affecting_title": "The Local Authorities (Capital Finance) (Amendment) Regulations 1997" }, { "type": "substituted", "affecting": "uksi/1997/848", "affecting_title": "The Local Authorities (Capital Finance) (Amendment) Regulations 1997" }, { "type": "coming into force", "affecting": "uksi/1997/319", "affecting_title": "The Local Authorities (Capital Finance) Regulations 1997" }, { "type": "appl (E) (1.1.2004)", "affecting": "uksi/2003/3247", "affecting_title": "The Financing of Maintained Schools (England) (No. 2) Regulations 2003" }, { "type": "substituted", "affecting": "uksi/1998/371", "affecting_title": "The Local Authorities (Capital Finance) (Amendment) Regulations 1998" }, { "type": "rev.in pt.", "affecting": "uksi/1999/1852", "affecting_title": "The Local Authorities (Capital Finance and Approved Investments) (Amendment) Regulations 1999" }, { "type": "appl (E)", "affecting": "uksi/2001/475", "affecting_title": "The Financing of Maintained Schools (England) Regulations 2001" }, { "type": "appl (E)", "affecting": "uksi/2001/798", "affecting_title": "The School Organisation Proposals by the Learning and Skills Council for England Regulations 2001" }, { "type": "rev (E)", "affecting": "uksi/2003/515", "affecting_title": "The Local Authorities (Capital Finance) (Amendment No. 2) (England) Regulations 2003" }, { "type": "rev in pt (E)", "affecting": "uksi/2003/515", "affecting_title": "The Local Authorities (Capital Finance) (Amendment No. 2) (England) Regulations 2003" }, { "type": "am (E)", "affecting": "uksi/2003/515", "affecting_title": "The Local Authorities (Capital Finance) (Amendment No. 2) (England) Regulations 2003" }, { "type": "rev in pt (E)", "affecting": "uksi/2003/515", "affecting_title": "The Local Authorities (Capital Finance) (Amendment No. 2) (England) Regulations 2003" }, { "type": "continued", "affecting": "uksi/2004/533", "affecting_title": "The Local Authorities (Capital Finance) (Consequential, Transitional and Saving Provisions) Order 2004" }, { "type": "appl (E) (1.4.2005)", "affecting": "uksi/2004/3130", "affecting_title": "The Financing of Maintained Schools (England) Regulations 2004" }, { "type": "appl (W)", "affecting": "wsi/2004/2506", "affecting_title": "The Schools Budget Shares (Wales) Regulations 2004" }, { "type": "appl (W)", "affecting": "wsi/2004/1576", "affecting_title": "The School Organisation Proposals by the National Council for Education and Training for Wales Regulations 2004" }, { "type": "appl (E)", "affecting": "uksi/2002/377", "affecting_title": "The Financing of Maintained Schools (England) Regulations 2002" }, { "type": "appl", "affecting": "wsi/2002/432", "affecting_title": "The School Organisation Proposals by the National Council for Education and Training for Wales Regulations 2002" } ], "provenance": { "source": "legislation.gov.uk", "source_url": "https://www.legislation.gov.uk/uksi/1997/319/regulation/16", "retrieved_at": "2026-10-29T12:25:41.411541+00:00" }, "licence": "Open Government Licence v3.0", "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/", "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives." }