OpenLegislation

Regulation 62 Disposal of investmentsI1

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:

A sum received by a local authority in respect of the disposal of an investment which, at the time of disposal, is not an approved investment shall not be a capital receipt if—

(a)

by virtue of regulation 12(1), the expenditure incurred by the authority on making the investment was expenditure falling within section 42(2) (expenditure excluded from requirement to charge expenditure to revenue account); or

(b)

the investment was an approved investment under regulation 2(b) or (c) of the Local Authorities (Capital Finance) (Approved Investments) Regulations 1990f1 (“the 1990 Regulations”), and has ceased to be an approved investment because—

(i)

where the deposit which constitutes the investment was made with an authorised institution, that institution has ceased to be an authorised institution within the meaning given to that expression in regulation 1(2) of the 1990 Regulations; or

(ii)

where the deposit which constitutes the investment was made with a building society, that building society has ceased to be a building society within the meaning given to that expression in regulation 2(c) of the 1990 Regulations.

Annotations

Commencement

I1

Reg. 62 in force at 1.4.1997, see reg. 1(1)(b)

Footnotes

f1

S.I. 1990/426; amended by S.I. 1991/501, S.I. 1992/1353, S.I. 1995/850, S.I. 1995/1982 and S.I. 1996/568.