Article 8 Consequential financial provisions

(1)

For the purposes of section 72(3) of the 1980 Act, the net capital receipts of each local housing authority in London for each financial year commencing with the financial year beginning 1st April 1988 shall be treated as if they included an amount which shall be determined in accordance with Schedule 2.

(2)

Without prejudice to paragraph (1), sums received by Richmond in respect of —

(a)

the sale of any property vested in that council by this Order; and

(b)

the repayment of discount on early disposal or of advances of a capital nature the right to the repayment of which is vested in that council by this Order,

shall not be capital receipts for the purposes of Part VIII of the 1980 Act (capital expenditure of local authorities etc.)^f1.

Annotations

Footnotes

f1: Part VIII was amended by the Local Government Finance Act 1988 (c. 41), sections 130 to 132.