# The Local Authorities (Payment of Levy on Disposals) Regulations 1995, Note: Explanatory note


(This note is not part of the Regulations)
Under section 136 of the Leasehold Reform, Housing and Urban Development Act 1993 a local authority is required to pay a levy in respect of a disposal of dwelling-houses which is a qualifying disposal for the purposes of that section, and may apply amounts set aside as provision to meet credit liabilities (“PCL”) to meet any liability for such a levy (other than a liability for interest). These Regulations provide that the amounts which may be applied for this purpose shall not exceed a specified percentage of the levy concerned, namely the percentage of the consideration for the qualifying disposal which was set aside as PCL, or, where nothing was set aside, 1 per cent.

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Source: https://www.legislation.gov.uk/uksi/1995/1981/note (the official version)
Page: https://openlegislation.uk/local-authorities-payment-of-levy-on-disposals-regulations-1995/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.