The Local Authorities (Capital Finance) (Amendment No. 2) Regulations 1996

Capital receipts to be treated as reduced: replacement of assets

5.  In regulation 18 —

(a) in paragraph (3), after sub-paragraph (a) insert the following sub-paragraph —

“(aa) the land is a defective dwelling within the meaning of Part XVI of the Housing Act 1985(1) (assistance for owners of defective housing); or”;

(b) in paragraph (3)(b), for “immediately before the disposal”substitute “at the time of the authority’s decision to make the disposal”, and at the end of that paragraph omit the word “or”;

(c) omit paragraph (3)(c); and

(d) in paragraph (4), for sub-paragraphs (b) and (c) substitute the following sub-paragraph —

“(b) at the same time as making that decision, the authority decided to acquire a new interest in the land after the disposal, or an interest in any other land, or to carry out works on any land, and either —

(i) if the land is of a description mentioned in paragraph (3)(a) or (aa) above, to use the new land for the purposes of Part II of the Housing Act 1985; or

(ii) if the land is of a description mentioned in paragraph (3)(b) above, to use the new land for the same qualifying purpose, or a different purpose within the same category as that which includes the same qualifying purpose.”.

(1)

1985 c. 68.