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Local Government Finance Act 1988

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131Prescribed expenditure

(1)In the Local Government, Planning and Land Act 1980 (in this section referred to as “the 1980 Act”), in section 71 (expenditure to which Part VIII of the 1980 Act applies) for subsection (2) there shall be substituted the following subsection—

(2)Where any of the activities specified in paragraph 1 of Schedule 12 to this Act is undertaken by or for an authority, then, subject to paragraphs 2 to 5 of that Schedule, the amount of expenditure which,—

(a)by virtue of sections 79A to 80B below, the authority is to be taken to incur on that activity, or

(b)in a case not falling within those sections, the authority actually incurs on that activity,

is prescribed expenditure for the purposes of this Part of this Act.

(2)In section 80 of the 1980 Act (which determines the amount of expenditure which is to be taken to be incurred where an interest in or right over property is acquired) for subsection (4) there shall be substituted the following subsection—

(4)Where the acquisition is, or is treated by virtue of section 79A above as being, the acquisition of the fee simple absolute in possession and subsection (3) above does not apply, the amount is the consideration in money which would be obtained for that fee simple if it were sold on the open market by a willing seller at the time of the acquisition; and in determining, for the purpose of calculating that amount, to what interests and rights the fee simple is at that time subject—

(a)where section 79A applies there shall be taken into account only those mentioned in subsection (2) of that section; and

(b)there shall be left out of account those arising by virtue of a mortgage or charge to secure the payment of money.

(3)In subsection (5) of the said section 80 for paragraph (a) there shall be substituted the following paragraph—

(a)the acquisition, though treated by virtue of section 79A above as the acquisition of a fee simple, is in fact the acquisition of a leasehold interest in land; and.

(4)In subsection (8) of the said section 80 for the words “right to occupy” there shall be substituted “right to possession or occupation of”.

(5)Subsection (14) of the said section 80 shall be omitted.

(6)In section 80A of the 1980 Act (payment for works carried out for an authority), in subsection (5) (value of works at any time) at the end of paragraph (b) there shall be added and

(c)the value of any consideration which is not in money and which has been or is to be given by the authority for the carrying out of the works.

(7)In subsection (9) of the said section 80A (works treated as carried out for an authority in cases specified in or determined under regulations) after the words “subsection (1)” there shall be inserted “and section 71(2)”.

(8)This section shall be deemed to have come into force on 10 March 1988 but, subject to subsection (9) below, the reference in section 80A(5)(c) of the 1980 Act (as amended by subsection (6) above) to consideration which is not in money does not include consideration given in pursuance of a contract entered into before that date.

(9)In any case where the consideration which is not in money and which is given pursuant to a contract entered into before 10 March 1988 is affected by—

(a)a variation of the contract on or after that date,

or

(b)the exercise on or after that date of an option or other right conferred by the contract,

so much (if any) of that consideration as exceeds what it would have been if the contract had not been so varied or, as the case may be, if the option or other right had not been so exercised shall be regarded for the purposes of subsection (8) above as given in pursuance of a contract entered into after 10 March 1988.

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