The Local Government Changes for England (Payments to Designated Authorities) (Minimum Revenue Provision) Regulations 1995

Modification of the 1990 Regulations

9.  The 1990 Regulations shall apply in relation to the designated authority or, as the case may be, a participant authority as if—

(a) in regulation 1 (citation, commencement and interpretation), the following paragraph were inserted after paragraph (2)—

“(3) In these Regulations, “the Payments to Designated Authorities Regulations” means the Local Government Changes for England (Payments to Designated Authorities) (Minimum Revenue Provision) Regulations 1995.”;

(b) in regulation 2 (expenditure to be expenditure for capital purposes), the following paragraph were added after paragraph (10)—

“(11) Expenditure by a local authority in making a payment under regulation 8(1) of the Payments to Designated Authorities Regulations shall be expenditure for capital purposes.”;

(c) in regulation 12 (sums to be capital receipts), the following were added after paragraph (d)—

“and

(e) any sum received by a local authority which is paid by another local authority under regulation 8(1) of the Payments to Designated Authorities Regulations”;

(d) in regulation 26 (minimum revenue provision for subsequent financial years) the following paragraph were added after paragraph (7)—

“(7A) In relation to a local authority which is a designated authority for the purposes of the Payments to Designated Authorities Regulations, A in the formula in paragraph (7) above shall be reduced by the amount (if any) by which any component in respect of principal calculated for the financial year concerned in accordance with paragraph 2 of the Schedule to those Regulations is reduced by virtue of paragraph 3 of that Schedule.”; and

(e) in Part I of Schedule 1 (reserved part of capital receipts: England and Wales), after paragraph 5B there were added, in column (1), “5C. Sums which are capital receipts by virtue of regulation 12(e).” and, in column (2), “100%percnt;”.