OpenLegislation

Paragraph 18 Capital finance—Part 1 of the Act

Original text. Later amendments are not shown.

The usable part of any capital receipt—

(a)

within the meaning of section 60(2) of the 1989 Act (the usable balance of capital receipts); and

(b)

which is not applied by the local authority in any financial year beginning before 1st April 2004,

shall be treated as if it were a capital receipt within the meaning of section 9 of the Act (“capital receipt”) for the purposes of Chapter 1 of Part 1 of the Act.