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The Local Authorities (Capital Finance and Accounting) (Wales) Regulations 2003
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- Wales Statutory Instruments
- 2003 No. 3239 (W. 319)
- PART 2
- TRANSACTIONS WHICH ARE NOT...
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TRANSACTIONS WHICH ARE NOT CREDIT ARRANGEMENTSE+W
Liabilities that do not arise from capital expenditureE+W
3.—(1) Subject to [F1paragraphs (2) and (3)] liabilities of a local authority that do not arise from the incurring by the authority of capital expenditure are liabilities specified for the purposes of section 7(3)(c) (Exclusion of certain liabilities from definition of “qualifying liabilities”).
(2) Paragraph (1) does not apply where proper practices in accordance with regulation 25 require the recognition of a [F2non-current asset which is not a financial asset].
[F3(3) Paragraph (1) applies to liabilities that are credit arrangements entered into after 31st March 2004.
(4) Paragraph (1) does not apply where liabilities are credit arrangements in accordance with section 48 of the Local Government and Housing Act 1989 entered into before 1st April 2004 which are not funded by capital receipts or credit arrangements under section 50(3) of that Act until such arrangements cease or are varied in any way.]
Textual Amendments
F1Words in reg. 3(1) substituted (1.4.2004) by The Local Authorities (Capital Finance and Accounting) (Wales) (Amendment) Regulations 2004 (S.I. 2004/1010), regs. 1(1), 2(4)(a)
F2Words in reg. 3(2) substituted (31.3.2018) by The Local Authorities (Capital Finance and Accounting) (Wales) (Amendment) Regulations 2018 (S.I. 2018/325), regs. 1(1), 5
F3Reg. 3(3)(4) inserted (1.4.2004) by The Local Authorities (Capital Finance and Accounting) (Wales) (Amendment) Regulations 2004 (S.I. 2004/1010), regs. 1(1), 2(4)(b)
Commencement Information
I1Reg. 3 in force at 1.4.2004, see reg. 1(1)
Retirement benefitsE+W
4.—(1) Liabilities for retirement benefits as represented by an appropriation to a pension reserve in accordance with proper practices in accordance with regulation 25 are liabilities specified for the purposes of section 7(3)(c).
[F4(2) For the purposes of paragraph (1) and regulation 24 “retirement benefits” means benefits payable pursuant to statutory requirements under an arrangement accounted for as a defined benefit pension plan or as other long-term employee benefits (as defined in accordance with proper practices).]
Textual Amendments
F4Reg. 4(2) substituted (1.4.2010) by The Local Authorities (Capital Finance and Accounting) (Wales) (Amendment) Regulations 2010 (S.I. 2010/685), regs. 1(2), 3(1) (with reg. 3(2))
Commencement Information
I2Reg. 4 in force at 1.4.2004, see reg. 1(1)
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