The Local Authorities (Capital Finance) Regulations 1990

Capital receipts to be treated as reduced: disposal of former new town assets

19.—(1) Capital receipts of a description specified in paragraph (2) below shall be treated for the purposes only of section 59 as reduced by an amount determined in accordance with paragraphs (4) and (5) below.

(2) For the purposes of paragraph (1) above, capital receipts derived from a disposal by a local authority of any dwelling are specified where–

(a) the dwelling was acquired by the authority from a new town corporation;

(b) the dwelling was disposed of by the new town corporation to the authority by virtue of section 36 of the New Towns Act 1981(1) or in pursuance of any regulations made under section 172(1); and

(c) the whole or part of the consideration falling to be given by the authority to the new town corporation in respect of the acquisition falls to be given on the disposal by the authority of the dwelling.

(3) In paragraph (2) above, “new town corporation” and “dwelling” have the same meaning as in section 172.

(4) For the purposes of paragraph (1) above, the amount of the reduction in the case of capital receipts derived from any disposal shall be the amount of any consideration which falls to be given by the authority as mentioned in paragraph (2)(c) above.

(5) Paragraphs (5) and (6) of regulation 15 shall apply in relation to the amount of any reduction determined in accordance with this regulation as they apply in relation to the amount of any reduction determined in accordance with regulation 15.

(1)

1981 c. 64.