Regulation 13 Holdings and investmentsI1

England and Wales

(1)

Any sum paid into a billing authority’s collection fund which is not immediately required for the purpose of making payments or transfers from that fund shall be—

(a)

held in cash;

(b)

invested F1...; or

(c)

transferred to the billing authority’s general fund.

(2)

Any sum transferred under paragraph (1) from an authority’s collection fund to its general fund shall be—

(a)

held in cash;

(b)

invested F2...; or

(c)

used for the discharge of the authority’s functions.

F3(3)

In carrying out its function of investment pursuant to paragraphs (1)(b) or (2)(b), a billing authority shall have regard to the code of practice contained in the document entitled “Treasury Management in the Public Services: Code of Practice and Cross-Sectoral Guidance Notes” (2017 Edition) published by the Chartered Institute of Public Finance and Accountancy.

(4)

Where a sum has been transferred to its general fund under paragraph (1), a billing authority shall—

(a)

immediately retransfer the sum if such a retransfer is required to enable the authority to meet payments or transfers from its collection fund; and

(b)

otherwise retransfer the sum as and when it thinks fit.

Annotations

Textual amendments

F1: Words in reg. 13(1)(b) omitted (31.12.2020) by virtue of The Local Government (Miscellaneous Amendments) (EU Exit) Regulations 2018 (S.I. 2018/1386), regs. 1, 3(a); 2020 c. 1, Sch. 5 para. 1(1)
F2: Words in reg. 13(2)(b) omitted (31.12.2020) by virtue of The Local Government (Miscellaneous Amendments) (EU Exit) Regulations 2018 (S.I. 2018/1386), regs. 1, 3(a); 2020 c. 1, Sch. 5 para. 1(1)
F3: Reg. 13(3) substituted (31.12.2020) by The Local Government (Miscellaneous Amendments) (EU Exit) Regulations 2018 (S.I. 2018/1386), regs. 1, 3(b); 2020 c. 1, Sch. 5 para. 1(1)

Commencement

I1: Reg. 13 in force at 4.11.1992, see reg. 1(1)