(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.