{
  "url": "https://openlegislation.uk/local-authorities-capital-finance-regulations-1997/regulation-66",
  "json_url": "https://openlegislation.uk/local-authorities-capital-finance-regulations-1997/regulation-66.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/66",
  "kind": "regulation",
  "number": "66",
  "heading": "Disposal of share and loan capital",
  "text": "(1) In this regulation—\n“capital in a bus company” means share capital or loan capital which—\n(a) is in a company formed under section 59 or 67 of the Transport Act 1985, and was acquired by the authority before 15th February 1989; or\n(b) is in a company formed under section 61 of that Act, and was acquired by the authority before the date, if any, specified in relation to the company under subsection (9) of that section;\n“capital in a public airport company” means share capital or loan capital which is in a public airport company, and which was acquired by the authority—\n(a) before 15th February 1989; or\n(b) on or after 15th February 1989 as consideration for a transfer to the company of any property or rights of the authority, or in advance of such a transfer by virtue of a scheme under section 15 of the Airports Act 1986;\n“education or training company” means a company which is engaged principally either—\n(a) in the activities of providing, constructing, improving, repairing and maintaining land and any other assets in use for the purposes of a school which is a maintained school within the meaning given to that expression in section 305 of the Education Act 1993; or\n(b) in the provision of the services which the Secretary of State is under a duty to secure under section 8 of the Employment and Training Act 1973 (careers services for school and college students), or has a power to secure under section 9 of that Act (careers services for others); and\n“non-housing company”, in relation to any share capital or loan capital, means a company which has not, at any time since the date of issue of the capital concerned, engaged in any of the activities of providing, constructing, improving, managing, facilitating or encouraging the construction or improvement of housing accommodation; and\n“public airport company” has the same meaning as in Part II of the Airports Act 1986.\n(2) The reserved part shall be 75 per cent. in the case of a capital receipt, other than a nil per cent. receipt, which is received in respect of a disposal of share capital or loan capital in a body corporate, other than a disposal of share capital or loan capital which—\n(a) is capital in a bus company;\n(b) is capital in a public airport company;\n(c) is capital in a company such as is mentioned in paragraph (4);\n(d) is in a company which was formed by, or with the participation of, the authority, and, at the time of the disposal, is an education or training company;\n(e) is in a non-housing company, and was acquired by the authority—\n(i) before 10th March 1988; or\n(ii) on or after 1st April 1990 for the purpose of providing financial assistance under section 33 (promotion of economic development);\n(f) is in a company formed by, or with the participation of, the authority for any of the purposes referred to in section 145(1) of the Local Government Act 1972 (provision of entertainments); or\n(g) is in a company formed by, or with the participation of, the authority as mentioned in subsection (3)(a) of section 32 of the Environmental Protection Act 1990 (transition to waste disposal companies), or pursuant to directions given by the Secretary of State under section 32(2) of that Act.\n(3) The reserved part shall be 25 per cent. in the case of a capital receipt, other than a nil per cent. receipt, which is received during the peirod beginning on 1st April 1997 and ending on 31st March 1998 in respect of—\n(a) a disposal of capital in a bus company; or\n(b) a disposal of capital in a public airport company, where the company, by virtue of the disposal and the issue of any further share capital in the company, ceases to be a public airport company.\n(4) The reserved part shall be 25 per cent. in the case of a capital receipt, other than a nil per cent. receipt, which is received during the period beginning on 1st April 1997 and ending on 31st March 1998 in respect of a disposal of share capital or loan capital in a company where—\n(a) at the time of the disposal, the company is carrying on the business of operating an airport and is not a public airport company; and\n(b) at the time when the authority acquired the share capital or loan capital, the company was carrying on the business of operating an airport, or was in the course of taking over that business from the authority.",
  "extent": "E+W",
  "status": "prospective",
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Reg. 66 in force at 1.4.1997, see reg. 1(1)(b)"
    },
    {
      "type": "footnote",
      "label": "f1",
      "text": "1985 c. 67."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "1986 c. 31."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "1993 c. 35."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "1973 c. 50. Sections 8 and 9 were substituted by section 45 of the Trade Union Reform and Employment Rights Act 1993 (c. 19)."
    },
    {
      "type": "footnote",
      "label": "f5",
      "text": "1972 c. 70."
    },
    {
      "type": "footnote",
      "label": "f6",
      "text": "1990 c. 43."
    }
  ],
  "outstanding_effects": [
    {
      "type": "coming into force",
      "affecting": "uksi/1997/319",
      "affecting_title": "The Local Authorities (Capital Finance) Regulations 1997"
    },
    {
      "type": "replaced (by 66(2)(Icl)(cc))",
      "affecting": "uksi/1998/1937",
      "affecting_title": "The Local Authorities (Capital Finance) (Amendment No. 3) Regulations 1998"
    },
    {
      "type": "revoked",
      "affecting": "uksi/1998/1937",
      "affecting_title": "The Local Authorities (Capital Finance) (Amendment No. 3) Regulations 1998"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1997/319/regulation/66",
    "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."
}