OpenLegislation

Regulation 82 Capital receipts in relation to a single assetI1

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:

(1)

In this regulation—

  • “capital receipt” means a capital receipt which, by virtue of any provision of this Part, falls to be treated as reduced for the purposes of section 59 (the reserved part of capital receipts); and

  • “the reduction”, in relation to a capital receipt, means the amount by which, apart from this regulation, the receipt would be treated as reduced in accordance with the provision concerned.

(2)

Where a local authority receive more than one capital receipt in respect of their interest in a single asset—

(a)

the total amount by which those receipts shall be treated as reduced shall not exceed the reduction;

(b)

any of those receipts may be treated as reduced by an amount equal to the reduction or any lesser amount; and

(c)

where one of those receipts is treated as reduced by an amount which is less than the reduction, the other receipts, or any of them, shall be treated as reduced by a total amount equal to the balance of the reduction.

Annotations

Commencement

I1

Reg. 82 in force at 1.4.1997, see reg. 1(1)(b)