The Local Authorities (Capital Finance and Accounting) (England) Regulations 2003 No. 3146

PART 4 E+W CAPITAL RECEIPTS

POOLING OF RECEIPTS E+W

[F1 Pooling of receipts from housing land E+W

12.— (1) The local authority must use capital receipts to pay the poolable amount in respect of each [F2 financial year] to the Secretary of State on or before the following dates (“the due date”)—

(a) [F3 30th April in the following financial year;] or

(b) if later, such date as is notified to the local authority by the Secretary of State.

(2) Where the poolable amount paid to the Secretary of State has been incorrectly calculated by the local authority, the local authority must—

(a) pay any outstanding amount to the Secretary of State (including any interest payable under regulation 13); or

(b) offset any amount paid in excess of the poolable amount against any further poolable amount payable to the Secretary of State under this regulation.]

Textual Amendments

F1 Regs. 12-19 substituted for regs. 12-21 (1.4.2012) by virtue of The Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No. 2) Regulations 2012 (S.I. 2012/711), regs. 1(2), 7 (with reg. 10)

F2 Words in reg. 12(1) substituted (30.6.2021) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2021 (S.I. 2021/611), regs. 1(2), 4(a) (with reg. 7(1))

F3 Reg. 12(1)(a) substituted (30.6.2021) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2021 (S.I. 2021/611), regs. 1(2), 4(b) (with reg. 7(1))