EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the Local Government (Capital Finance and Accounting) Regulations 2003 (“the 2003 Regulations”).
Regulation 3 inserts paragraph (2D) into regulation 14 of the 2003 Regulations. The effect of the new paragraph is that where housing land (defined in regulation 1(5) of the 2003 Regulations) is the subject of an agreement made under section 80B of the Local Government and Housing Act 1989, the capital receipt arising on disposal of an interest in such land by a local authority may be regarded as a capital receipt that may be treated as provided for in regulation 14(1)(c) of the 2003 Regulations.
Regulation 14(1)(c) provides for the amount of the capital receipt to be treated as reduced by an amount determined by the local authority up to the value of its available capital allowance. That value is determined in accordance with regulations 15 and 16 of the 2003 Regulations.
A full impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.