Article 7 Amendment of the Local Authorities (Capital Finance and Accounting) (England) Regulations 2003

The Schedule to the Local Authorities (Capital Finance and Accounting) (England) Regulations 2003^f1 (calculation of the sub-liability) is amended in accordance with paragraphs (2) to (10).

In paragraph 4 for the definition of P substitute—

• “P has the meanings set out in paragraph 9(2) and (4);”.

In paragraph 4A^f2 at the beginning insert “Subject to paragraph 4C,”.

In paragraph 4B^f3 at the beginning insert “Subject to paragraph 4D,”.

After paragraph 4B insert—

“4C

(1)

 This paragraph applies to North Yorkshire Council, Somerset Council and Westmorland and Furness Council.

(2)

The assumed debt is—

(a)

in the financial year beginning on 1st April 2023, the amount of debt assumed to be associated with a local authority in that year as set out in Table AA in this Schedule; and

(b)

in each subsequent financial year —N* × 1.01.

(3)

The local authority share cap is—

(a)

in the financial year beginning on 1st April 2023, the amount attributable to an authority set out in Table BB in this Schedule; and

(b)

in each subsequent financial year—O* × 1.01.”.

In paragraph 9—

In Table A^f4 (assumed debt for each quarter in a year)—

After Table A insert a new Table AA—

“

Table AA

Authority	Financial year 2023-24 (£)
North Yorkshire	553,283.65
Somerset	326,762.96
Westmorland and Furness	220,885.97

”

In Table B^f5 (Local authority share cap for each quarter in a year)—

After Table B (Local authority share cap for each quarter in a year) insert a new Table BB—

“

Table BB

Authority	Financial year 2023-24 (£)
North Yorkshire	658,195.63
Somerset	285,289.81
Westmorland and Furness	184,982.56

”