Part 1E+WCapital finance etc and accounts

Modifications etc. (not altering text)

C2Meaning 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)

C3Pt. 1 applied (15.1.2014) by Humber Bridge Act 2013 (c. vi), ss. 1(1), 8(4)

Chapter 1E+WCapital finance etc

Capital receiptsE+W

9“Capital receipt”E+W

(1)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.

(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)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.

(4)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.

Commencement Information

I2S. 9(1)(2)(4) in force at 1.4.2004 for E. by S.I. 2003/2938, art. 7(b) (with art. 8, Sch.)

I3S. 9(3) in force at 18.11.2003 for E. by S.I. 2003/2938, art. 3(a) (with art. 8, Sch.)