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The Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No. 2) Regulations 2012

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Citation, commencement, application and interpretation (of the 2003 Regulations)

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4.  In regulation 1(5)—

(a)omit the definitions of “available Social HomeBuy allowance” and “Social HomeBuy disposal”;

(b)after the definition of “the National Association of Local Councils” insert—

““notifiable allowance” means the amount notified by the local authority to the Secretary of State in compliance with regulation 3 of the Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No.2) Regulations 2012(1);

“poolable amount” means the sum of the specified amounts calculated from capital receipts received by the local authority in the quarter and the sub-liability calculated for the quarter;”;

(c)after the definition of “qualifying disposal” insert—

““quarter” means one of the following periods—

  • 1st April to 30th June

  • 1st July to 30th September

  • 1st October to 31st December

  • 1st January to 31st March;”;

(d)after the definition of “relevant disposal period” insert—

““relevant quarter” means the quarter in respect of which payment under regulation 12 must be made on the next due date;”;

(e)after the definition of “secure tenant” insert—

““shared ownership lease” means a lease of a dwelling granted on payment of a premium calculated by reference to a percentage of the market value of the dwelling;”;

(f)after the definition of “the Society of Local Council Clerks” insert—

““specified amount” means the amount calculated in accordance with regulation 14;

“sub-liability” means the amount calculated in accordance with in paragraph 9 of the Schedule; and

“the 2011-2012 buy back reduction” means the amount calculated in compliance with regulation 3 of the Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No 2) Regulations 2012.”.

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