# The Local Government (Prescribed Expenditure) (Consolidation and Amendment) Regulations 1987, Regulation 4: Classes of assets to be treated as if they were not mentioned in section 75(2)


(1) The following classes of assets shall be treated as if they were not mentioned in section 75(2) of the Act —
(a) land held for the purposes of or in connection with the Central Criminal Court, the police, probation and after-care or magistrates' court services;
(b) leasehold interests in dwelling-houses held for the purposes of Part II of the Housing Act 1985;
(c) leasehold interests in land held for any other purpose, except to the extent of —
(i) any amount which an authority was taken to have paid under section 80 of the Act on the acquisition of that interest or any superior interest in the land, and
(ii) the amount of any prescribed expenditure incurred by an authority on the construction, preparation, conversion, improvement, renewal or replacement of buildings or structures on the land; and
(d) vehicles or vessels, movable or immovable plant, machinery or apparatus held for the purposes of, or provided in connection with, the Central Criminal Court, the police, probation and after-care or magistrates' court services.
(2) In this Regulation a leasehold interest means one which —
(a) has an unexpired term not exceeding twenty years which is not capable of being renewed or extended so that the unexpired term and any renewal or extension of the interest together exceed twenty years;
(b) if it is granted to commence on the expiry of another interest, does not, together with any interest in the same land previously disposed of by an authority, exceed twenty years;
and in the case of a dwelling-house held for the purposes of Part II of the Housing Act 1985 includes a periodic tenancy.

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Source: https://www.legislation.gov.uk/uksi/1987/2186/regulation/4 (the official version)
Page: https://openlegislation.uk/local-government-prescribed-expenditure-consolidation-and-amendment-regulations-1987/regulation-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.