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Regulation 98 Disposal of recently improved landI1

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—

(a)

a reference to the enhancement of land does not include a reference to the reclamation or laying out of the land or the construction, preparation or replacement of roads, buildings or other structures; and

(b)

“relevant period”, in relation to any land, means the financial year in which a local authority make a disposal such as is mentioned in paragraph (3) (or the first such disposal, if they they make more than one in relation to the land), and the two financial years immediately preceding that year.

(2)

Capital receipts of a description specified in paragraph (3) shall be treated for the purposes only of section 59 as reduced by an amount determined in accordance with paragraph (4).

(3)

For the purposes of paragraph (2), 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—

(a)

the authority have, at any time during the relevant period, incurred expenditure on the enhancement of the land; and

(b)

the disposal meets the condition specified in regulation 84, or the authority make the disposal by granting a shared ownership lease (within the meaning given to that expression in regulation 22 (1)).

(4)

For the purposes of paragraph (2), the amount of the reduction is the aggregate of—

(a)

the initial cost of any credit arrangement entered into by the authority during the relevant period for the purpose only of the enhancement of the land; and

(b)

the amount of any expenditure incurred by the authority for that purpose during the relevant period, other than expenditure under a credit arrangement.

Annotations

Commencement

I1

Reg. 98 in force at 1.4.1997, see reg. 1(1)(b)