15.—(1) Subject to paragraph (2), for the purposes of Part 1, a sum received by a council on or after 1st April 2012 in respect of the redemption on maturity of a bond held by it which, apart from this regulation, would not be a capital receipt, shall be treated as a capital receipt.
(2) Paragraph (1) applies only if at the time of redemption expenditure on the acquisition of the bond would be treated as capital expenditure.