C1C2C3C4Part 1Capital finance etc and accounts
Meaning of “local authority” in Pt. 1 modified (28.3.2008) by Bedfordshire (Structural Changes) Order 2008 (S.I. 2008/907), arts. 1, 20(7)(c)
Pt. 1 applied (15.1.2014) by Humber Bridge Act 2013 (c. vi), ss. 1(1), 8(4)
Pt. 1 applied in part (with modifications) by Police Reform and Social Responsibility Act 2011 (c. 13), Sch. 2 para. 7A(4)(7)(8), Sch. 4 para. 4A(4)(5) (as inserted (13.5.2014) by Anti-social Behaviour, Crime and Policing Act 2014 (c. 12), ss. 141(1)(2), 185(1))
Chapter 1Capital finance etc
Capital receipts
I29“Capital receipt”
I31
Subject to subsection (3), references in this Chapter to a capital receipt, in relation to a local authority, are to a sum received by the authority in respect of the disposal by it of an interest in a capital asset.
I32
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.
I13
The Secretary of State may by regulations—
a
make provision for the whole of a sum received by a local authority 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 Chapter;
b
make provision for the whole of a sum received by a local authority 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 Chapter.
I34
Where a sum becomes payable to a local authority before it is actually received by the authority, it shall be treated for the purposes of this section as received by the authority when it becomes payable to it.
Meaning of “local authority” in Pt. 1 modified (5.3.2008) by Cheshire (Structural Changes) Order 2008 (S.I. 2008/634), arts. 1, 9(9)(c)