Regulation 96 Disposal of recently acquired interests in landI1

England and Wales Not yet in force

(1)

Capital receipts of a description specified in paragraph (2) shall be treated for the purposes only of section 59 as reduced by an amount determined in accordance with paragraph (3).

(2)

For the purposes of paragraph (1), capital receipts derived from a disposal of an interest in land, other than capital receipts of a description specified in regulation 97(3), are specified where the disposal—

(a)

meets the condition specified in regulation 84; and

(b)

takes place not later than five years after the date on which the authority acquired the freehold interest or a leasehold interest in the land.

(3)

For the purposes of paragraph (1), the amount of the reduction is the aggregate of—

(a)

the initial cost of any credit arrangement entered into by the authority for the purpose only of acquiring the interest disposed of;

(b)

the value of any consideration falling to be given for the acquisition of that interest, other than consideration under a credit arrangement; and

(c)

the administrative costs of acquiring that interest and making the disposal.

Annotations

Commencement

I1: Reg. 96 in force at 1.4.1997, see reg. 1(1)(b)