Explanatory Memorandum

Local Government Finance Act (Northern Ireland) 2011

2011 CHAPTER 10

16 March 2011

Commentary on Sections

Sections 20 to 22 – Capital receipts

The Act removes the general requirement for councils to use any capital money derived from the sale of an asset to repay any borrowing for the acquisition of that asset, or to obtain approval from the Department for other uses of capital receipts.

The treatment and use of capital receipts will now be specified in regulations.