Regulation 70 Payments in respect of disposal of premises transferred to grant-maintained schoolI1
England and Wales Not yet in force
In this regulation, “relevant proceeds” means the proceeds of any disposal made by the governing body of a grant-maintained school (within the meaning given to that expression in regulation 60) with the consent of the Secretary of State under section 298(1) of the Education Act 1996f1.
Subject to paragraph (3), the reserved part shall be 100 per cent. in the case of a sum which is a capital receipt by virtue of regulation 60 (“a relevant sum”).
In the case of a relevant sum, where—
the Secretary of State notifies the authority, before they receive the relevant sum, of the amount of the relevant proceeds in respect of which that sum is payable (“the proceeds”), and
treating the disposal from which the proceeds are derived as a disposal by the authority and the proceeds as a capital receipt of the authority, the amount which would be the reserved part of that capital receipt is less than the amount which, apart from this paragraph, would be the reserved part of the relevant sum,
the reserved part shall be that lesser amount.
Annotations
Commencement
- I1
Reg. 70 in force at 1.4.1997, see reg. 1(1)(b)
Footnotes
- f1