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The Local Authorities (Capital Finance and Accounting) (Wales) (Amendment) Regulations 2018

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Bonds

6.—(1) For regulation 6 (repayment of loan etc. to a local authority), substitute—

Repayment of loan etc. to a local authority

6.(1) For the purpose of Chapter 1 of Part 1 and subject to paragraph (3) of this regulation, the sums to which paragraph (2) refers must be treated as capital receipts.

(2) Sums received by a local authority as repayment of the principal of an advance, a grant or any other financial assistance given by that local authority for such a purpose that, if the giving of that financial assistance had been expenditure incurred by the local authority at the time of the repayment, it would have constituted capital expenditure.

(3) For the purpose of Chapter 1 of Part 1 and subject to regulation 6A below, the sums to which paragraphs (4) to (6) refer must not be treated as capital receipts.

(4) Sums received by a local authority in connection with the repayment of the principal of an advance, a grant or any other financial assistance—

(a)to an officer of the authority pursuant to the terms and conditions of that officer’s employment; or

(b)in connection with the appointment of a person as an officer of the authority, to that person.

(5) Sums received by a local authority in respect of the redemption on maturity of a bond or the disposal of a bond.

(6) Sums received by a community council or charter trustees as repayment of the principal of an advance, a grant or any other financial assistance given by that community council or charter trustees.

(7) In paragraphs (4) and (5), “local authority” includes a community council and charter trustees.

(2) After regulation 6, insert—

Bonds

6A.(1) For the purpose of Chapter 1 of Part 1, the sums to which paragraph (2) refers must be treated as capital receipts.

(2) Sums received by a local authority in respect of the redemption on maturity of a bond or the disposal of a bond where—

(a)the acquisition of the bond was prior to 1 April 2018; and

(b)expenditure on the acquisition was treated as capital expenditure.

(3) In paragraph (2) “local authority” includes a community council and charter trustees.

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