# The Local Authorities (Capital Finance) Regulations 1997, Regulation 32: Consecutive leases of land for total term not exceeding ten years

Extent: E+W
Status: prospective

The initial cost of a lease (“the new lease”) of land shall be nil where—
(a) the authority had an earlier leasehold interest (“the preceding interest”) in the land, and become the lessees upon the expiry of the preceding interest;
(b) the preceding interest was a lease of which the initial cost was nil by virtue of regulation 29 or regulation 7(3) of the 1990 Regulations;
(c) the new lease is for a term which, added to the term of the preceding interest, produces a combined term of not more than ten years; and
(d) but for the preceding interest, the initial cost of the new lease would be nil by virtue of regulation 31.

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Source: https://www.legislation.gov.uk/uksi/1997/319/regulation/32 (the official version)
Page: https://openlegislation.uk/local-authorities-capital-finance-regulations-1997/regulation-32
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.