The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2021

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations amend the Local Authorities (Capital Finance and Accounting) (England) Regulations 2003 (S.I. 2003/3146) (“the principal Regulations”).

Their effect is to change the period by reference to which a poolable amount payable to the Secretary of State under regulation 12 of the principal Regulations is calculated from a quarter to a financial year.

The Regulations also make the following other amendments to the principal Regulations—

• Regulation 3(d)(ii) rectifies a drafting error;

• Regulation 5 amends provision related to the calculation of interest on late payments of a poolable amount; and

• Regulation 6(2)(e) removes a redundant definition.

Regulation 7 makes transitional and saving provision as follows—

• Paragraph (1) saves provisions in regulations 1 and 12 of the principal Regulations as they had effect before these Regulations came into force in relation to a capital receipt received before 1st April 2021 and for the purpose of determining the value of F for the quarters during the period 1st April 2012 to 31st March 2013 (see paragraph 4 of the Schedule);

• Paragraph (2) modifies regulation 13 of the principal Regulations to make transitional provision in relation to the payment of interest on any unpaid amount payable before 31st July 2021;

• Paragraph (3) modifies the Schedule to the principal Regulations for the purpose of calculating the sub-liability for the financial year beginning on 1st April 2021;

• Paragraph (4) saves the definition of assumed debt and Table A in the Schedule to the principal Regulations with modifications set out in paragraphs (6) and (7);

• Paragraph (5) saves the definition of local authority share cap and Table B in the Schedule to the principal Regulations with modifications set out in paragraph (7).

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.