# The Local Authorities (Capital Finance) Regulations 1997, Regulation 29: Lease of land for term not exceeding three years

Extent: E+W
Status: prospective

The initial cost of a lease (“the new lease”) of land shall be nil where—
(a) the term of the new lease does not exceed three years;
(b) the authority have not, at any time within the period of five years ending on the date on which they become the lessees, had a freehold interest in any part of the land, or an earlier leasehold interest in any part of the land for a term which, added to the term of the new lease, produces a combined term of more than three years; and
(c) no other local authority have, within the same period, had a leasehold interest in any part of the land for a term which, added to the term of the new lease, produces a combined term of more than three years.

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Source: https://www.legislation.gov.uk/uksi/1997/319/regulation/29 (the official version)
Page: https://openlegislation.uk/local-authorities-capital-finance-regulations-1997/regulation-29
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.