{
  "url": "https://openlegislation.uk/local-authorities-capital-finance-regulations-1997/regulation-49",
  "json_url": "https://openlegislation.uk/local-authorities-capital-finance-regulations-1997/regulation-49.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/49",
  "kind": "regulation",
  "number": "49",
  "heading": "Variation of lease where initial cost included consideration under earlier lease",
  "text": "(1) In this regulation—\n“preceding interest”, in relation to a relevant lease, means the earlier leasehold interest mentioned in regulation 35(2) or, as the case may be, paragraph (6)(b) of regulation 7 of the 1990 Regulations; and\n“relevant lease” means a lease of which the initial cost was determined under regulation 35 or paragraph (6) of regulation 7 of the 1990 Regulations.\n(2) Where a local authority agree to a variation of a credit arrangement which is a relevant lease, the adjusted cost of the lease shall be the aggregate of—\n(a) the amount which, apart from this regulation, would be the adjusted cost by virtue of regulation 47; and\n(b) the value of the consideration given by the authority in respect of the preceding interest.",
  "extent": "E+W",
  "status": "prospective",
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Reg. 49 in force at 1.4.1997, see reg. 1(1)(b)"
    },
    {
      "type": "footnote",
      "label": "f1",
      "text": "S.I. 1990/432; paragraph (6) of regulation 7 was amended by S.I. 1992/3257, S.I. 1995/850, S.I. 1996/568 and S.I. 1996/2539."
    }
  ],
  "outstanding_effects": [
    {
      "type": "coming into force",
      "affecting": "uksi/1997/319",
      "affecting_title": "The Local Authorities (Capital Finance) Regulations 1997"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1997/319/regulation/49",
    "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."
}