Housing (Financial Provisions) (Scotland) Act 1968

1 (1) In each financial year a local authority shall carry to the credit of the housing revenue account amounts equal to—

(a) the income receivable by the local authority for that year from rents and feuduties in respect of houses and other property to which the account relates ;

(b) any Exchequer contributions payable to the local authority for that year under any of the enactments mentioned in Schedule 8 to this Act, together with any Exchequer contributions payable to them under section 87(2) or 87(4) of the [1950 c. 34.] Housing (Scotland) Act 1950 or under section 9(2) or 9(4) of the [1962 c. 28.] Housing (Scotland) Act 1962 or under section 92(2), as read with section 92(10), of the [1964 c. 56.] Housing Act 1964 ;

(c) any payments received by the local authority from another local authority in pursuance of any overspill agreement within the meaning of Part II of the [1957 c. 38.] Housing and Town Development (Scotland) Act 1957, being payments such as are mentioned in paragraph 2(g) of this Schedule ;

(d) any contributions received by the local authority under section 101(1) of the Housing Act 1964, in so far as amounts equal to the expenditure towards which those contributions are made fall to be debited to the account.

(2) Where any house or other property to which the account relates has been sold or otherwise disposed of, whether before or after the commencement of this Act, an amount equal to any income of the local authority arising from the investment or other use of capital money received by the authority in respect of the transaction shall, unless the Secretary of State otherwise directs as respects the whole or any part of such income, be carried to the credit of the account in like manner as if it had been income from rents.

(3) An amount equal to the income (if any) of the local authority arising from an investment or other use of borrowed moneys in respect of which the authority are required under the following provisions of this Schedule to debit loan charges to the account shall be carried to the credit of the account in like manner as if it had been income from rents.

(4) Where in any financial year a deficit is shown in the account, the local authority shall carry to the credit of the account, in respect of that financial year, an amount equal to the amount of the deficit.

(5) In any financial year the local authority may carry to the credit of the account, in addition to the amounts required by the foregoing provisions of this Schedule, such further amounts, if any, as they may think fit.