Use of capital receipts
4.—(1) In regulation 18(2), for the words “paragraphs (3) and (6)” substitute “paragraphs (3), (6) and (7)”.
(2) In regulation 18(6), omit the word “administrative”.
(3) After regulation 18(6) insert—
“(7) Where a local authority receives a capital receipt in respect of a disposal of an interest in land other than housing land, the capital receipt may be applied in defraying the costs of or incidental to the disposal, provided that such costs do not exceed 4% of the capital receipt arising from the disposal.”.