Regulation 93 Amount of reduction of receipts derived from relevant disposalsI1

England and Wales Not yet in force

(1)

In this regulation—

(a)

“qualifying receipts” means capital receipts of a description specified in regulation 86(2); and

(b)

in relation to any qualifying receipts—

(i)

“the relevant decision” means the decision to make the relevant disposal from which the receipts are derived; and

(ii)

“the project” means the regeneration project in relation to which, at the same time as making the relevant decision, the authority made a decision such as is mentioned in regulation 86(3)(b).

(2)

Subject to paragraph (4), in relation to any qualifying receipts, the amount of the reduction for the purposes of regulation 86(2) is the total value, determined by the authority, of the contribution which the authority have made, or have decided to make, towards the costs of undertaking the project by—

(a)

making a gift of land;

(b)

paying a contribution, grant or subsidy under any power conferred on the authority under any enactment; or

(c)

giving consideration for any benefit which the authority have received, or will receive, by virtue of the undertaking of the project.

(3)

For the purposes of paragraph (2), the authority make a gift of land where they transfer an interest in land and either—

(a)

no consideration falls to be given for the transfer; or

(b)

the value of the consideration which falls to be given for the transfer is less than the price which the interest transferred would realise at the date of the valuation if sold by the authority on the open market.

(4)

In relation to any qualifying receipts, the amount of the reduction for the purposes of regulation 86(2) shall be nil if the aggregate of—

(a)

the amount which, apart from this paragraph, would be the amount of the reduction under paragraph (2),

(b)

the value, estimated by the authority, of any contribution which any other local authority have made, or have decided to make, towards the costs of undertaking the project,

(c)

the value, estimated by the authority, of any contribution which a regulated company (within the meaining given to that expression in article 1(4) of the Local Authorities (Companies) Order 1995^f1) have made, or have decided to make, towards the costs of undertaking the project, and

(d)

the amount of any contribution, grant or subsidy which a Minister of the Crown, or a body to which such a Minister may pay sums out of moneys provided by Parliament, or a Community institution have agreed to pay towards the costs of the project,

is equal to or exceeds 50 per cent. of the authority’s estimate of the total costs of the project.

Annotations

Commencement

I1: Reg. 93 in force at 1.4.1997, see reg. 1(1)(b)

Footnotes

f1: S.I. 1995/849. There are amendments which are not relevant to this regulation.