The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2017

EXPLANATORY NOTE

(This note is not part of the Regulations)

The Local Authorities (Capital Finance and Accounting) (England) Regulations 2003 (S.I. 2003/3146) (“the 2003 Regulations”) make provision for capital finance and accounts under Part 1 of the Local Government Act 2003 (c. 26). These Regulations make amendments to the 2003 Regulations and come into force on 1st April 2017.

Regulation 23 of the 2003 Regulations specifies the purpose to which capital receipts may be put. Regulation 2(2) of these Regulations amend regulation 23 of the 2003 Regulations to provide that in the case of a Mayoral development corporation a capital receipt may be used to meet any liability to pay corporation tax.

The 2003 Regulations also require a local housing authority to pay an amount (“the poolable amount”) to the Secretary of State each quarter in respect of capital receipts from housing land. Regulation 2(3) and (4) of, and the Schedule to, these Regulations amend the Schedule to the 2003 Regulations concerning the calculation of the sub-liability (as defined in regulation 1(5) of the 2003 Regulations) which forms part of the local authority’s poolable amount (see regulations 1(5) and 12 of the 2003 Regulations).

An impact assessment has not been published for this instrument as it has no impact on the private sector or voluntary sector.