PART 1

FINANCIAL ADMINISTRATION

Capital receipts

“Capital receipt”
20
1
Subject to subsection (3), references in this Part to a capital receipt, in relation to a council, are to a sum received by the council in respect of the disposal by it of an interest in a capital asset.
2
An asset is a capital asset for the purposes of subsection (1) if, at the time of the disposal, expenditure on the acquisition of the asset would be capital expenditure.
3
Regulations may—
a
make provision for the whole of a sum received by a council in respect of the disposal by it of an interest in a capital asset, or such part of such a sum as may be determined under the regulations, to be treated as not being a capital receipt for the purposes of this Part;
b
make provision for the whole of a sum received by a council otherwise than in respect of the disposal by it of an interest in a capital asset, or such part of such a sum as may be determined under the regulations, to be treated as being a capital receipt for the purposes of this Part.
4
Where a sum becomes payable to a council before it is actually received by the council, it shall be treated for the purposes of this section as received by the council when it becomes payable to the council.
S. 20 wholly in operation at 1.4.2012; s. 20 not in operation at Royal Assent see s. 47(1); s. 20 in operation for certain purposes at 10.9.2011 otherwise 1.4.2012 by S.R. 2011/306, art. 2(1)(3), Sch.
S. 20 in operation at 1.4.2012 in so far as not already in operation by S.R. 2011/306, art. 2(3)
Pt. 1 applied with modifications (2.4.2012) by The Local Government (Constituting Joint Committees as Bodies Corporate) Order (Northern Ireland) 2012 (S.R. 2012/10), arts. 1, 4
Ss. 17-22 applied (with mods) (2.7.2013) by The Local Government (Statutory Transition Committees) Regulations (Northern Ireland) 2013 (S.R. 2013/179), regs. 1(1), 23, Sch. 3
Pt. 1 applied with modifications (1.4.2015) by The Local Government (Constituting a Joint Committee a Body Corporate) Order (Northern Ireland) 2015 (S.R. 2015/183), arts. 1, 4