Paragraph 1 I1

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:

Sch. 2 para. 1 coming into force by Local Authorities (Capital Finance) 1997 reg. 1(1)(b)
Sch. 2 para. 2 coming into force by Local Authorities (Capital Finance) 1997 reg. 1(1)(b)
Sch. 2 para. 3 coming into force by Local Authorities (Capital Finance) 1997 reg. 1(1)(b)
Sch. 2 para. 4 coming into force by Local Authorities (Capital Finance) 1997 reg. 1(1)(b)
Sch. 2 para. 5 coming into force by Local Authorities (Capital Finance) 1997 reg. 1(1)(b)
Sch. 2 para. 6 coming into force by Local Authorities (Capital Finance) 1997 reg. 1(1)(b)
Sch. 2 para. 7 coming into force by Local Authorities (Capital Finance) 1997 reg. 1(1)(b)
Sch. 2 para. 8 coming into force by Local Authorities (Capital Finance) 1997 reg. 1(1)(b)
Sch. 2 para. 9 coming into force by Local Authorities (Capital Finance) 1997 reg. 1(1)(b)
Sch. 2 para. 10 coming into force by Local Authorities (Capital Finance) 1997 reg. 1(1)(b)

In this Schedule—

“the authority”, “the current year”, “the housing amount” and “the last year” have the same meanings as in Part XII of these Regulations;
“commuted payment” means a commuted payment^f1 (within the meaning which that expression has in section 157) which, in the financial year beginning on 1st April 1992, was paid to the authority, or to the Public Works Loans Commissioners to reduce or extinguish any debt of the authority;
“periodic payment” means any annual or other periodic payment in relation to which a commuted payment was determined; and
“relevant debt” means—
1. (a)
  
  the amount by which any debt of the authority to the Public Works Loan Commissioners was reduced by a commuted payment; or
2. (b)
  
  where such a debt was extinguished by a commuted payment, the amount of the debt.

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