The Local Authorities (Capital Finance) Regulations 1990

Regulation 14

SCHEDULE 1 RESERVED PART OF CAPITAL RECEIPTS

PART I ENGLAND AND WALES

(1)	(2)
1.  Capital receipts, other than any receipts falling within paragraph 6 below, derived from disposals of share capital or loan capital in any body corporate other than share capital or loan capital which–	75%
(a) was acquired by the local authority before 15th February 1989 and either is in a public airport company (within the meaning of Part II of the Airports Act 1986(1) (transfer of airport undertakings of local authorities)) or in a company formed under section 59 or 67 of the Transport Act 1985(2); or (b) is in a company formed under section 61 of the Transport Act 1985 and which, if a date was specified under subsection (9) of that section in relation to that company, was acquired by the local authority before that date.
2.  Capital receipts derived from disposals of any interest in an asset which is held at the time of the disposal, or has been held at any time on or after 23rd March 1989, for the purposes of or in connection with–	75%
(a) the Central Criminal Court, (b) the police, probation or magistrates' court services, or (c) any functions of the local authority conferred on them under section 2 of the Civil Defence Act 1948(3).
3.  Capital receipts derived from the repayment of any grants or other financial assistance or the repayment of the principal of an advance where the grant or advance was made, or financial assistance was given,–	100%
(a) to a housing association (within the meaning of the Housing Associations Act 1985(4)); and (b) in connection with expenditure in respect of which the association in question received a grant made under section 50 of the Housing Act 1988(5), section 41(1) of the Housing Associations Act 1985(6) or section 29(1) of the Housing Act 1974(7).
4.  1980 Act receipts which constituted capital receipts for the purposes of Part VIII of the Local Government, Planning and Land Act 1980(8) (capital expenditure of local authorities etc.) by virtue of regulations made under section 75(5)(f) of that Act, other than any 1980 Act receipts which if they had been received on 1st April 1990 would have been capital receipts by virtue of regulation 12.	0%
5.  Sums which are capital receipts by virtue of regulation 12, and any 1980 Act receipts which if they had been received on 1st April 1990 would have been capital receipts by virtue of regulation 12.	100%
6.  Capital receipts received by a local authority where–	0%
(a) at the beginning of the financial year in which the receipts are received, the authority’s credit ceiling was nil or a negative amount; (b) at the time the receipts are received, the authority have no money outstanding by way of borrowing other than short-term borrowing (within the meaning of section 45(6)) or borrowing which was undertaken under section 5 of the City of London (Various Powers) Act 1924(9); (c) the receipts do not fall within paragraph 2, 3 or 5 above; and (d) in the case of a receipt derived from the disposal of dwelling-houses held for the purposes of Part II of the Housing Act 1985 (provision of housing), the disposal was made by virtue of Part V of that Act.
7.  Capital receipts derived from disposals of hostels (within the meaning of section 622 of the Housing Act 1985) and lodging-houses (within the meaning of section 56 of that Act) where the hostel or lodging-house was held for the purposes of Part II of that Act, other than any receipts falling within paragraph 6 above and, as respects local authorities in Wales, any receipts falling within paragraph 3 of Part II of this Schedule.	75%

PART II WALES

(1)	(2)
1.  Capital receipts derived from the disposal of land held for the purposes of Part II of the Housing Act 1985 not being land comprising a dwelling-house.	0%
2.  Capital receipts derived from the disposal of a dwelling-house held for the purposes of Part II of the Housing Act 1985 and normally let or available for letting which–	0%
(a) is disposed of by way of a shared ownership lease (within the meaning of section 622 of that Act); or (b) requires significant repair or improvement, or both, and is disposed of on condition that the purchaser executes significant repair or improvement or both within a specified period.
3.  Capital receipts which are of a description specified, as respects local authorities in England, in regulation 16(2).	0%

(1)

1986 c. 31.

(2)

1985 c. 67.

(3)

1948 c. 5.

(4)

1985 c. 69.

(5)

1988 c. 50.

(6)

Section 41 was repealed by Schedule 18 to the Housing Act 1988.

(7)

1974 c. 44. Section 29 was repealed by Schedule 1 to the Housing (Consequential Provisions) Act 1985 (c. 71).

(8)

1980 c. 65.

(9)

1924 c.xxxvii. Section 5 was repealed by section 40(1) of the City of London (Various Powers) Act 1960 (c.xxxvi).