Explanatory note

(This Note is not part of the Order)

This Order amends the Passenger Transport Executives (Capital Finance) Order 1990 (S.I. 1990/720) so that sums paid by the British Railways Board to a Passenger Transport Executive pursuant to Deeds of Assumption made by the Board relating to payments in respect of capital grant provided by an Executive are not treated as capital receipts. Sums paid by Railtrack plc to a Passenger Transport Executive pursuant to Deeds of Assumption made by Railtrack plc are also not to be treated as capital receipts. This Order also amends the 1990 Order so that sums paid by the British Railways Board or Railtrack plc to a Passenger Transport Executive pursuant to Deeds of Assumption are not subject to the provisions of article 5 of the 1990 Order.