The Local Authorities (Capital Finance and Accounting) (England) Regulations 2003

Made: 3rd December 2003

Laid before Parliament: 10th December 2003

Coming into force

The Secretary of State, in exercise of the powers conferred upon him by sections 3, 7(3)(c), 8(3), 9(3), 10, 11, 15(1)(b), 16(2), 21, 23(2) and 123(1) and (2) of, and paragraph 4 of Schedule 1 to, the Local Government Act 2003[^f00001], hereby makes the following Regulations:

PART 1 — PRELIMINARY

Citation, commencement, application and interpretation

1

• (1) These Regulations may be cited as the Local Authorities (Capital Finance and Accounting) (England) Regulations 2003 and shall come into force for the purposes of regulations 1 and 2 on 1st January 2004 and for all other purposes on 1st April 2004.

• (2) Regulations 2 to 26, 27(2), 32 to 34 and the Schedule apply only in relation to local authorities in England.

• (3) Regulations 2 to 6, 8, 9, 10(3) to (6), 12 to 22, 23(d) to (f), 24, 27(1), (3) to (5), 28, 29, 32 and 33 shall not apply to parish councils and charter trustees.

• (3A) Regulations 27(1), (3) to (5), 28 and 29 shall not apply to any person or body which is—

• (a) a local authority for the purposes of section 21 by virtue of subsection (6)(b), (d), (e), (g), (h), (k) or (l) of that section, or

• (b) a Mayoral development corporation established under Chapter 2 of Part 8 of the Localism Act 2011.

• (4) In these Regulations, unless the context indicates otherwise, any reference to a Part, section or Schedule is a reference to a Part or section of, or Schedule to, the Local Government Act 2003.

• (5) In these Regulations—

• “the 1993 Act” means the Leasehold Reform, Housing and Urban Development Act 1993;

• “affordable housing” and “provision of affordable housing” have the meaning given in regulation 18;

• “associates” has the same meaning as in section 135 of the 1993 Act (disposals of dwelling-houses by local authorities);

• “available capital allowance” has the meaning given in regulation 15;

• ...

• “CIPFA” means the body—constituted by Royal Charter on 6th January 1959 and originally named “The Institute of Municipal Treasurers and Accountants”;whose name was changed to “The Chartered Institute of Public Finance and Accountancy” by Royal Charter on 24th October 1973; andregistered with the Charity Commissioners of England and Wales (number 231060);

• “debt-free authority” means a local authority which has no money outstanding by way of borrowing other than disregarded borrowing;

• “disregarded borrowing” has the same meaning as that term had on 31st March 2004 in regulation 65 of the Local Authorities (Capital Finance) Regulations 1997 (capital receipts of debt-free authorities)[^f00003];

• “dwelling” means any building or part of a building which is occupied as a dwelling, or is a hostel providing accommodation for persons who, for the purposes of Part VII of the Housing Act 1996 (homelessness)[^f00004], are homeless, or persons who have a special need for accommodation arising from physical or mental disability, age, infirmity or other special social disability or disadvantage;

• “dwelling-house” has the same meaning as in section 135 of the 1993 Act;

• “EEAUCITS” has the same meaning as in section 237 of the Financial Services and Markets Act 2000

• “housing land” means any land, house or other building in relation to which the local authority is, or has been immediately before disposal of it, subject to the duty under section 74 of the Local Government and Housing Act 1989 (duty to keep Housing Revenue Account)[^f00005];

• “introductory tenant” has the same meaning as in Chapter 1 of Part V of the Housing Act 1996 (introductory tenancies);

• “long lease” means a lease for a term of years certain exceeding 21 years other than a lease which is terminable before the end of that term by notice given by or to the landlord;

• ...

• ...

• “the National Association of Local Councils” means the unincorporated association of that name which was established in 1947[^f00006];

• “notifiable allowance” means the amount notified by the local authority to the Secretary of State in compliance with regulation 3 of the Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No.2) Regulations 2012;

• “poolable amount” means the sum of the specified amounts calculated from capital receipts received by the local authority in the financial year and the sub-liability calculated for the financial year;

• “qualifying disposal” means a disposal of an interest in housing land which is a qualifying disposal for the purposes of section 135 or 136 of the 1993 Act (disposals of dwelling-houses by local authorities)[^f00007]; ...

• ...

• “relevant commencement date” means the time at which regulation 5 of the Local Government (Miscellaneous Amendments) (EU Exit) Regulations 2018 comes into force;

• “relevant period” means the period beginning with the relevant commencement date and ending immediately before the time at which the five year anniversary of the relevant commencement date falls;

• “relevant disposal period” means the period of five years ending with the date of the disposal;

• ...

• “relevant UCITS” means—a UKUCITS; orduring the relevant period, an EEAUCITS which was recognised under section 264 of the Financial Services and Markets Act 2000 immediately prior to the relevant commencement date; orduring the relevant period, a sub-fund of an EEAUCITS which—is a recognised scheme for the purposes of Part 17 of the Financial Services and Markets Act 2000 by virtue of regulation 62(1) of the Collective Investment Schemes (Amendment etc.)(EU Exit) Regulations 2019, andmeets the conditions in regulation 63(3) of the Collective Investment Schemes (Amendment etc.)(EU Exit) Regulations 2019; or an EEA UCITS which is a recognised scheme under section 271A or 272 of the Financial Services and Markets Act 2000, oran EEA UCITS—to which Article 4(1)(aa) of Regulation 2017/1131 of the European Parliament and of the Council of 14th June 2017 on Money Market Funds applies, andwhich is marketed in accordance with Chapter 3 of Part 6 of the Alternative Investment Fund Managers Regulations 2013;

• “secure tenant” has the same meaning as in Part IV of the Housing Act 1985 (secure tenancies and rights of secure tenants);

• “securitisation transaction” means a disposal for consideration by a local authority of all or part of its interest in specified revenues, where disposal includes both sale and assignment;

• “shared ownership lease” means a lease of a dwelling granted on payment of a premium calculated by reference to a percentage of the market value of the dwelling;

• “small scale disposal” means a disposal by a local authority of an interest in housing land to any person where—the Secretary of State has given consent to the disposal under section 32 (power to dispose of land held for the purposes of Part II) or 43 (consent required for certain disposals not within section 32) of the Housing Act 1985;he has given that consent subject to the conditions that the local authority—takes reasonable steps to ascertain whether the majority of secure tenants and introductory tenants who would be affected by the disposal are not opposed to it; andis satisfied that, at the time of the disposal, the majority of those tenants are not likely to be opposed to the disposal;andthe aggregate of the following, namely—the number of dwelling-houses included in the disposal; andthe number of dwelling-houses which, within the relevant disposal period, have been previously disposed of by the authority to that person, or that person and any associates of his taken together,is not more than 499,

• but for the purposes of this definition, a disposal of any dwelling-house shall be disregarded if at the time of the disposal the local authority’s interest in the dwelling-house is or was subject to a long lease; and

• ...

• “the Society of Local Council Clerks” means the registered trade union of that name (Trade Union reference 1200T) which was established in 1972;

• “specified amount” means the amount calculated in accordance with regulation 14;

• “sub-fund” means a sub-fund of a UCITS within the meaning of section 237(4) of the Financial Services and Markets Act 2000;

• “sub-liability” means the amount (“K”) calculated in accordance with ... paragraph 13 of the Schedule; ...

• “the 2011-2012 buy back reduction” means the amount calculated in compliance with regulation 3 of the Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No 2) Regulations 2012;

• “UCITS” has the same meaning as in section 236A of the Financial Services and Markets Act 2000; and

• “UKUCITS” has the same meaning as in section 237 of the Financial Services and Markets Act 2000.

PART 2 — BORROWING

Code of practice

2

In complying with their duties under section 3(1) and (2) (duty to determine affordable borrowing limit), a local authority and the Mayor of London shall have regard to the code of practice entitled the “Prudential Code for Capital Finance in Local Authorities” published by CIPFA, as amended or reissued from time to time[^f00008].

PART 3 — CREDIT ARRANGEMENTS

TRANSACTIONS WHICH ARE NOT CREDIT ARRANGEMENTS

Liabilities that do not arise from capital expenditure

3

• (1) The liabilities of a local authority specified in paragraph (2) are liabilities specified for the purposes of section 7(3)(c) (exclusion of certain liabilities from definition of “qualifying liabilities”).

• (2) The liabilities specified for the purposes of paragraph (1) are liabilities that do not arise from a transaction which results in the local authority being required, in accordance with proper practices, to recognise a non-current asset which is not a financial asset in any balance sheet.

Retirement benefits

4

• (1) Liabilities for retirement benefits appropriated to a pension reserve in accordance with proper practices are liabilities specified for the purposes of section 7(3)(c).

• (2) For the purposes of paragraph (1) and regulation 30, “retirement benefits” means benefits payable pursuant to statutory requirements under an arrangement accounted for as a defined benefit pension plan or as other long-term employee benefits (as defined in accordance with proper practices).

SUPPLEMENTARY PROVISION

Varied transactions

5

For the purposes of Chapter 1 of Part 1 (capital finance etc.), a local authority shall be taken to have entered into a credit arrangement where—

• (a) on or after 1st April 2004, it enters into a transaction (“the new transaction”) which varies a transaction entered into previously, whether before, on or after 1st April 2004 (“the earlier transaction”);

• (b) the earlier transaction did not result in the local authority being taken to have entered into a credit arrangement; and

• (c) the local authority would, if it had entered into the earlier transaction as varied by the new transaction on—

• (i) the date on which the earlier transaction was entered into; or

• (ii) if later, 1st April 2004,

be taken to have entered into a credit arrangement,

and the date on which it is taken to have entered into the credit arrangement by virtue of this regulation is the date on which it enters into the new transaction.

COST OF CREDIT ARRANGEMENTS

Calculation of cost of credit arrangements

6

For the purposes of section 8(2) (entry into a credit arrangement or variation to be treated as the borrowing of an amount equal to the cost of the arrangement or variation), the cost of a credit arrangement or variation of a credit arrangement is—

• (a) in the case of a securitisation transaction, an amount equal to the value of the consideration received by the authority as a result of that transaction, or

• (b) in all other cases, the amount of the liability in respect of that arrangement or variation which is shown, in accordance with proper practices, in the authority’s accounts.

PART 4 — CAPITAL RECEIPTS

SUMS TO BE TREATED AS CAPITAL RECEIPTS

Repayment of loan etc. to a local authority

7

• (1) For the purposes of Chapter 1 of Part 1 (capital finance etc), the sums referred to in paragraph (2), paid on or after 1st April 2004, shall be treated as capital receipts.

• (2) Subject to paragraphs (3) and (4), the sums referred to for the purposes of paragraph (1) are sums paid to a local authority as repayment of any loan, grant or other financial assistance given by the local authority for such a purpose that, if the giving of that financial assistance had been expenditure incurred at the time of the repayment, it would have constituted capital expenditure[^f00017].

• (3) Where the financial assistance referred to in paragraph (2) is a loan given by a parish council or charter trustees, any sums paid to the local authority as repayment of that loan shall not be treated as capital receipts.

• (4) A sum paid to a local authority to redeem a bond on its maturity or for the purchase of a bond does not constitute repayment of a loan or other financial assistance.

Disposal of mortgage portfolio

8

For the purposes of Chapter 1 of Part 1, a sum received by a local authority on or after 1st April 2004 in respect of the disposal of the authority’s rights and obligations as mortgagee of any housing land which, apart from this regulation, would not be a capital receipt, shall be treated as a capital receipt.

Payment made to redeem landlord’s share

9

For the purposes of Chapter 1 of Part 1, where an interim or final payment is made to a local authority, on or after 1st April 2004, in accordance with Schedule 6A to the Housing Act 1985 (redemption of landlord’s share)[^f00018], the sum received by the authority shall be treated as a capital receipt if, apart from this regulation, it would not be a capital receipt.

SUMS NOT TO BE TREATED AS CAPITAL RECEIPTS

Capital receipts not exceeding £10,000

10

• (1) ... A sum received by a local authority which, apart from this regulation, would be a capital receipt by virtue of section 9(1) shall not be treated for the purposes of Chapter 1 of Part 1 as a capital receipt if the aggregate of all sums received or to be received by the authority in respect of the disposal of an interest in a capital asset, for which the sum is paid, does not exceed £10,000.

• (2) A sum received by a local authority which, apart from this regulation, would be treated as a capital receipt by virtue of regulation 7, shall not be treated for the purposes of Chapter 1 of Part 1 as a capital receipt if the aggregate of all sums received or to be received by the authority as repayment of a loan, grant or other financial assistance, for which the sum is paid, does not exceed £10,000.

• (3) A sum received by a local authority which, apart from this regulation, would be treated as a capital receipt by virtue of regulation 8, shall not be treated for the purposes of Chapter 1 of Part 1 as a capital receipt if the aggregate of all sums received or to be received by the authority in respect of the disposal of the authority’s rights and obligations, for which the sum is paid, does not exceed £10,000.

• (4) A sum received by a local authority which, apart from this regulation, would be treated as a capital receipt by virtue of regulation 9, shall not be treated for the purposes of Chapter 1 of Part 1 as a capital receipt if the aggregate of all sums received or to be received by the authority in respect of redemption of the landlord’s share, for which the sum is paid, does not exceed £10,000.

• (5) ... A notional capital receipt[^f00019] which, apart from this regulation, would be treated as a capital receipt received by a local authority by virtue of regulation 22(5), shall not be treated for the purposes of Chapter 1 of Part 1 as a capital receipt if the aggregate of all sums received or to be received by the authority in respect of the disposal of the interest in housing land, for which the notional capital receipt is determined, does not exceed £10,000.

• (6) In paragraphs (1) and (5), “all sums received or to be received by the authority” include the amount of all notional capital receipts determined in respect of the disposal.

• (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Operating and finance leases

11

A sum received by a local authority—

• (a) under any arrangement which is treated, in accordance with proper practices, as an operating lease or a finance lease;

• (b) which, apart from this regulation, would be a capital receipt; and

• (c) which, in accordance with proper practices, is to be credited to a revenue account,

shall not be treated for the purposes of Chapter 1 of Part 1 as a capital receipt.

POOLING OF RECEIPTS

Pooling of receipts from disposals of housing land

12

• (1) The local authority must use capital receipts to pay the poolable amount in respect of each financial year to the Secretary of State on or before the following dates (“the due date”)—

• (a) 30th April in the following financial year; or

• (b) if later, such date as is notified to the local authority by the Secretary of State.

• (2) Where the poolable amount paid to the Secretary of State has been incorrectly calculated by the local authority, the local authority must—

• (a) pay any outstanding amount to the Secretary of State (including any interest payable under regulation 13); or

• (b) offset any amount paid in excess of the poolable amount against any further poolable amount payable to the Secretary of State under this regulation.

Interest on late payments

13

• (1) The local authority must use capital receipts, which it derived from the disposal of housing land, to pay interest to the Secretary of State in accordance with the following provisions of this regulation.

• (2) Where the local authority does not pay part or all of the poolable amount to the Secretary of State by the due date, the local authority shall pay interest to the Secretary of State on the unpaid part amount of the poolable amount.

• (3) The interest shall be calculated on any unpaid amount at the applicable rate on a day to day basis compounded with yearly rests.

• (4) Where interest is payable by virtue of paragraph (2), the interest on the unpaid amount shall be calculated for the period starting on the day after the due date and ending on the date of the payment of the unpaid amount.

• (5) The local authority must pay to the Secretary of State any interest, payable in respect of any unpaid amount, on the date on which it pays the unpaid amount.

• (6) In this regulation—

• “applicable rate” means whichever is the higher of—1%; and1% above base rate;

• “base rate” means the base rate for the time being quoted by the reference banks or, where there is for the time being more than one such rate, the rate which, when the base rate quoted by each bank is ranked in descending sequence of seven, is fourth in the sequence; and

• “reference banks” means the seven largest persons for the time being who—have permission under Part IV of the Financial Services and Markets Act 2000 (permission to carry on regulated activities) to accept deposits;are incorporated in the United Kingdom and carry on there a regulated activity of accepting deposits; andquote a base rate in sterling,

• and for the purpose of this definition the size of any person at any time is to be determined by reference to the gross assets denominated in sterling by that person, together with any subsidiary (as defined in section 1159 of the Companies Act 2006), as shown in the audited end-of-year accounts last published before that time.

Capital receipt treated as reduced

14

• (1) This regulation applies to the following capital receipts arising from the disposal of housing land prior to 1st April 2012—

• (a) amounts received by the local authority as mortgagee of any housing land;

• (b) amounts received on or after 1st April 2006, in relation to the disposal of the authority’s rights and obligations as mortgagee of any dwelling; and

• (c) amounts received pursuant to the enforcement of a covenant contained in a conveyance of a freehold or grant of a leasehold in compliance with section 155 of the Housing Act 1985 (repayment of the right to buy discount).

• (2) Where this regulation applies, the specified amount is an amount equal to 75% of the capital receipt in relation to the disposal of housing land.

• (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Available capital allowance

15

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Total capital allowance

16

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Provision of affordable housing

17

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Regeneration projects

18

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Capital receipts reduced by costs of buying back “right to buy” dwellings

19

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Capital receipts reduced by costs of buying back dwellings in the preceding year

20

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Transitional reductions for debt-free authorities

21

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Non-money receipts

22

• (1) Subject to paragraphs (2) to (4), where on or after 1st April 2004 a local authority makes a disposal, other than a qualifying disposal or a small scale disposal, of an interest in housing land—

• (a) which is a disposal of the kind mentioned in section 9(1) (capital receipt) and the consideration for the disposal does not consist wholly of money payable to the authority; or

• (b) in respect of which the authority receives otherwise than in the form of money any consideration which, if received in that form, would be a capital receipt under section 9,

the authority shall determine the amount (the “notional capital receipt”) which would have been the capital receipt if the consideration for the disposal had been wholly in money payable to the authority.

• (2) Where money is payable to the authority in respect of the disposal, the notional capital receipt shall be determined by deducting the amount of that money from the amount which would have been the capital receipt if the consideration for the disposal had been wholly in money payable to the authority.

• (3) Where the consideration for the disposal, or part of the consideration, consists of —

• (a) the grant of a right to the local authority to nominate a person either to occupy any dwelling or to acquire the freehold of, or a leasehold interest in, any dwelling; or

• (b) an undertaking given to the local authority to allow only a person of a particular description to occupy any dwelling or acquire the freehold of, or a leasehold interest in, any dwelling,

the amount of the notional capital receipt in respect of that consideration or that part of the consideration, as the case may be, shall be treated as nil.

• (4) For the purposes of determining the notional capital receipt for a disposal, the consideration for the disposal shall be deemed to be received by the authority at the time that the authority makes the disposal.

• (5) For the purposes of Chapter 1 of Part 1, a notional capital receipt shall be treated as a capital receipt and the amount specified in regulation 12(4) shall be calculated accordingly.

MISCELLANEOUS

Use of capital receipts

23

Capital receipts may only be used for one or more of the following purposes—

• (a) to meet capital expenditure;

• (b) to repay the principal of any amount borrowed;

• (c) to pay a premium charged in relation to any amount borrowed;

• (d) to meet any liability in respect of credit arrangements, other than any liability which, in accordance with proper practices, must be charged to a revenue account;

• (e) to meet the ... costs of or incidental to a disposal of an interest in housing land; or

• (f) to make a payment to the Secretary of State under regulation 12, 13, the Schedule or pursuant to any agreement made under section 11(6) of the Local Government Act 2003;; ...

• (g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (h) to meet the costs of or incidental to a disposal of an interest in land other than housing land, provided these do not exceed 4% of the capital receipt arising from the disposal; ...

• (i) to make all or part of a payment to a person, where the obligation to make that payment arises on the disposal of an asset, as a result of an agreement made at the time of the acquisition of that asset, or in relation to such an agreement; ...

• (j) where receipts are received on or after 1st April 2012, to make a back payment (within the meaning of regulation 30A(2) or regulation 30AA(2) as the case may be) in respect of unequal pay where the liability arises in the circumstances specified in regulation 30A(3) or 30AA(3) as the case may be;or

• (k) in the case of a Mayoral development corporation established under Chapter 2 of Part 8 of the Localism Act 2011, to meet any liability to pay corporation tax.

PART 5 — SUPPLEMENTARY

Guidance

24

In carrying out its functions under Chapter 1 of Part 1, a local authority shall have regard to the code of practice contained in the document entitled “Treasury Management in the Public Services: Code of Practice and Cross-Sectoral Guidance Notes” published by CIPFA, as amended or reissued from time to time[^f00031].

Expenditure to be capital expenditure

25

• (1) For the purposes of Chapter 1 of Part 1 the following expenditure of a local authority, incurred on or after 1st April 2004, shall be treated as being capital expenditure insofar as it is not capital expenditure by virtue of section 16(1) —

• (a) expenditure incurred on the acquisition or preparation of a computer program, including expenditure on the acquisition of a right to use the program, if the authority acquire or prepare the program for use for a period of at least one year for any purpose relevant to its functions;

• (b) subject to paragraph (2), the giving of a loan, grant or other financial assistance to any person, whether for use by that person or by a third party, towards expenditure which would, if incurred by the authority, be capital expenditure;

• (c) the repayment of any grant or other financial assistance given to the local authority for the purposes of expenditure which is capital expenditure;

• (d) subject to paragraph (3), the acquisition of share capital ... in any body corporate; ...

• (e) expenditure incurred on works to any land or building in which the local authority does not have an interest, which would be capital expenditure if the local authority had an interest in that land or building ; and

• (ea) expenditure incurred on the acquisition, production or construction of assets for use by, or disposal to, a person other than the local authority which would be capital expenditure if those assets were acquired, produced or constructed for use by the local authority; and

• (f) the payment of any levy by a local authority under section 136 of the Leasehold Reform Housing and Urban Development Act 1993 (levy on disposals).

• (2) Where the expenditure referred to in paragraph (1)(b) is a loan given by a parish council or charter trustees to any person, it shall not be treated as being capital expenditure by virtue of this regulation.

• (3) Where the expenditure referred to in paragraph (1)(d) is—

• (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (c) an investment in the shares of a company to which Part 12 of the Corporation Tax Act 2010 (Real Estate Investment Trusts) applies ; ...

• (d) the acquisition of shares in an investment scheme approved by the Treasury under section 11(1) of the Trustee Investments Act 1961 (local authority investment schemes),or

• (e) an investment in a relevant UCITS,

it shall not be treated as being capital expenditure by virtue of this regulation.

Expenditure not to be capital expenditure

26

Expenditure incurred by a local authority on the giving of loans, grants or other financial assistance—

• (a) to an officer of the authority pursuant to the terms and conditions of his employment; or

• (b) in connection with the appointment of a person as an officer of the authority, to that person,

in so far as, apart from this regulation, it would be capital expenditure, shall be treated for the purposes of Chapter 1 of Part 1 as not being capital expenditure.

PART 6 — REVENUE PROVISION

Duty to make revenue provision

27

• (1) During the financial year beginning on 1st April 2025 and every subsequent financial year, a local authority—

• (a) subject to paragraphs (3) and (4), must charge to a revenue account a minimum amount (“minimum revenue provision”) for that financial year in respect of all capital expenditure financed by debt and incurred by the local authority in that year or any financial year prior to that year, and

• (b) may charge to a revenue account any amount in addition to the minimum revenue provision, in respect of any capital expenditure financed by debt and incurred by the local authority in that year or any financial year prior to that year.

• (2) During the financial year beginning on 1st April 2024 and every subsequent financial year, a parish council or charter trustees may charge to a revenue account any amount in respect of capital expenditure financed by debt and incurred by the parish council or the charter trustees, as the case may be, in that year.

• (3) Where a local authority incurs capital expenditure financed by debt during a financial year, the authority may charge the minimum revenue provision in respect of that expenditure to a revenue account for—

• (a) the following financial year, or

• (b) in relation to an asset, if later, the financial year immediately after the financial year in which the asset first becomes available for use.

• (4) A local authority may choose not to charge minimum revenue provision to a revenue account in respect of the financing by debt of a loan given by that authority to any person or body, where—

• (a) the loan is treated as capital expenditure in accordance with regulation 25(1)(b),

• (b) the loan is not a commercial loan, and

• (c) the local authority has not recognised, in accordance with proper practices, any expected or actual credit loss in respect of that loan.

• (5) In this regulation—

• “a commercial loan” is a loan given—as an investment for financial return, ortowards expenditure which would, if incurred by the authority, be an investment for financial return;

• “an investment for financial return” is an investment which is made primarily to generate financial return.

Calculation of minimum revenue provision

28

• (1) A local authority shall determine for the current financial year an amount of minimum revenue provision which it considers to be prudent.

• (2) The amount determined under paragraph (1) must include an amount equal to any expected or actual credit loss which—

• (a) relates to a loan given by the local authority to any person or body on or after 7th May 2024, and

• (b) is recognised by the authority during the current financial year in accordance with proper practices.

• (3) A local authority may reduce the amount specified in paragraph (2) by deducting—

• (a) any amount of minimum revenue provision the local authority has already charged to a revenue account in respect of the financing of the loan, and

• (b) any amount of receipts, capital or otherwise, used to repay the principal of any amount borrowed to finance that loan.

• (4) Subject to paragraph (5), a local authority must not reduce its determination of what would otherwise be a prudent amount by the value of any capital receipts used, or to be used, by the authority in accordance with regulation 23(b) or (d) in the financial year to which the determination relates.

• (5) Where paragraph (6) applies, the authority may reduce its determination of what would otherwise be a prudent amount—

• (a) in respect of the financing of a loan, by deducting any amount of the capital receipts—

• (i) received in respect of that loan during the financial year, and

• (ii) used to repay the principal of any amount borrowed to finance that loan;

• (b) in respect of the financing of a capital asset to which a lease arrangement relates, by deducting any amount of the capital receipts—

• (i) received under that arrangement during the financial year, and

• (ii) used to meet any liability in respect of that arrangement, other than any liability which, in accordance with proper practices, must be charged to a revenue account.

• (6) This paragraph applies where—

• (a) a local authority has—

• (i) incurred expenditure through the giving of a loan which is treated as capital expenditure in accordance with regulation 25(1)(b),

• (ii) received loan repayments in respect of that loan which are treated as capital receipts in accordance with regulation 7, and

• (iii) determined that it will charge minimum revenue provision in respect of the financing of that loan, or

• (b) a local authority—

• (i) has received sums under an arrangement which is treated, in accordance with proper practices, as a finance lease, and

• (ii) those sums are treated for the purposes of Chapter 1 of Part 1 (capital finance etc) as capital receipts.

• (7) The capital receipts specified in paragraph (5)—

• (a) may not be used to reduce the amount specified in paragraph (2);

• (b) despite section 9(4) (“capital receipt”), must actually be received by the authority.

Commutation adjustment

29

• (1) Where in any financial year beginning before 1st April 2007, the amount of minimum revenue provision charged by a local authority to a revenue account is less than the amount required for that year (whether by reason of an error in the calculation of that amount or otherwise)—

• (a) if the local authority has not made a charge to a revenue account on or after 1st April 2004 to correct the insufficient provision, the amount so charged shall be treated as correct and shall not be reconsidered in any circumstances; or

• (b) if the local authority has made a charge to a revenue account on or after 1st April 2004 to correct the insufficient provision, the local authority may, in a financial year beginning before 1st April 2010, record in a revenue account a credit no greater in value than the amount of that charge.

• (2) Any local authority which treats any amount as correct under paragraph (1)(a) shall include a note to that effect in its statement of accounts for a financial year ending no later than 31st March 2010.

• (3) Any local authority which records a credit in a revenue account under paragraph (1)(b) shall include a note to that effect in its statement of accounts for the year in which the credit is recorded.

• (4) In this regulation, “minimum revenue provision”—

• (a) in relation to financial years beginning before 1st April 2004, has the same meaning as was given in relation to those years in section 63(1) of the Local Government and Housing Act 1989 prior to its repeal; and

• (b) in relation to subsequent financial years, has the meaning given in regulation 27.

PART 7 — ACCOUNTS

Retirement benefits

30

• (1) For a financial year beginning on or after 1st April 2004, a local authority shall charge to a revenue account an amount equal to the retirement benefits payments and contributions to pension funds which are payable for that financial year in accordance with the statutory requirements mentioned in regulation 4(2).

• (2) In relation to any person or body which is a local authority for the purposes of section 21 by virtue of subsection (6)(b), (e), (g), (h), (k) or (l) of that section, this regulation has effect as if the reference in paragraph (1) to 1st April 2004 were a reference to 1st April 2015.

Proper practices

31

For the purposes of section 21(2) (accounting practices) the accounting practices contained in the following codes of practice and guide are proper practices—

• (a) “...Code of Practice on Local Authority Accounting in the United Kingdom” published by CIPFA, as amended or reissued from time to time[^f00040];

• (b) “Service Reporting Code of Practice for Local Authorities” published by CIPFA, as amended or reissued from time to time; ...

• (c) in relation only to those authorities which are Category 2 authorities within the meaning of regulation 2(1) of the Accounts and Audit Regulations 2015, and which are not internal drainage boards, “Governance and Accountability for Local Councils: A Practitioners’ Guide (England) March 2014” published jointly by the National Association of Local Councils and the Society for Local Council Clerks, as amended or reissued from time to time; and

• (d) in relation only to internal drainage boards, “Governance and Accountability in Internal Drainage Boards in England: a Practitioners’ Guide 2006” published by the Association of Drainage Authorities and the Department for Environment, Food and Rural Affairs, as amended or reissued from time to time.

PART 8 — MISCELLANEOUS PROVISIONS

Local authorities for the purposes of Part 1 of the Local Government Act 2003 – levying bodies

32

The following levying bodies, within the meaning of section 74 of the Local Government Finance Act 1988 (levies)[^f00043], are specified for the purposes of section 23(1)(o) (local authorities for the purposes of Part 1)—

• (a) the Broads Authority[^f00044];

• (b) the Lee Valley Regional Park Authority[^f00045];

• (c) a National Park authority[^f00046];

• (d) the London Pensions Fund Authority[^f00047]; and

• (e) the South Yorkshire Pensions Authority[^f00048].

Use of amounts set aside under the Local Government and Housing Act 1989

33

• (1) Subject to paragraph (4), any local authority—

• (a) whose credit ceiling on 31st March 2004, as determined under Part III of Schedule 3 to the Local Government and Housing Act 1989 (provisions supplementing Part IV – credit ceiling)[^f00049], was a negative amount; and

• (b) who was a debt-free authority on that date,

may treat the whole or part of the amount specified in paragraph (2) as if it were a capital receipt to which regulation 23 applies.

• (2) Subject to paragraph (3), the amount specified is the amount which was, on 31st March 2004, the amount set aside by the authority (whether voluntarily or pursuant to a requirement under Part IV of the Local Government and Housing Act 1989 (revenue accounts and capital finance of local authorities)) as provision to meet credit liabilities.

• (3) The amount specified in paragraph (2) shall not exceed the amount by which the local authority’s credit ceiling on 31st March 2004 was less than nil.

• (4) Any decision to treat the whole or part of the amount specified in paragraph (2) as if it were a capital receipt, by virtue of paragraph (1), shall be made by the local authority before 1st October 2005.

• (5) Any amount treated as if it were a capital receipt, by virtue of paragraph (1), shall be treated as if it were received during the financial year beginning on 1st April 2004.

Loans to qualifying local government bodies

34

For the purposes of paragraph 4 of Schedule 1 (loans by parish councils and charter trustees) any local authority which is a local authority for the purposes of Part 1 or Schedule 1 is specified as a qualifying local government body.

Signed

Signed by authority of the First Secretary of State

Nick Raynsford — Minister of State, — Office of the Deputy Prime Minister — 3rd December 2003

Explanatory note

(This note is not part of the Regulations)

These Regulations make provisions for capital finance and accounts under Part 1 of the Local Government Act 2003 (“the 2003 Act”). The capital finance provisions in and under Part IV of the Local Government and Housing Act 1989 (including the Local Authorities (Capital Finance) Regulations 1997) are repealed or revoked, as the case may be, on or before 1st April 2004 by virtue of the 2003 Act, with savings and transitional provisions (see the Local Government Act 2003 (Commencement No. 1 and Transitional Provisions and Savings) Order 2003).

These Regulations apply only in relation to local authorities in England. Some of the provisions do not apply in relation to parish councils and charter trustees (regulation 1).

Regulation 2 requires a local authority and the Mayor of London to have regard to the “Prudential Code for Capital Finance in Local Authorities” when determining, under section 3 of the 2003 Act, how much money they can afford to borrow.

Regulations 3 and 4 make provision excluding certain liabilities from the definition of “qualifying liabilities”, under section 7 of the 2003 Act, so that certain transactions are not credit arrangements.

Regulation 5 makes provision for varied transactions to be credit arrangements and regulation 6 sets out how the cost of credit arrangements are to be calculated.

Regulations 7 to 11 provide for certain sums received by a local authority to be treated, or not to be treated, as capital receipts.

Regulation 12 makes provision requiring a specified amount of capital receipts from disposals of housing land, other than qualifying disposals, to be paid to the Secretary of State. This is subject to certain reductions (regulations 14 to 21). Interest is payable (out of capital receipts) to the Secretary of State on late payments of the specified amount (regulation 13). Regulation 22 provides for the calculation of notional capital receipts where the consideration for a disposal of housing land does not consist wholly of money.

Regulation 23 provides that capital receipts may only be used for specified purposes.

In carrying out its capital finance functions, a local authority must have regard to the code of practice in “Treasury Management in the Public Services: Code of Practice and Cross-Sectoral Guidance Notes” (regulation 24).

Regulations 25 and 26 provide for expenditure which is, and which is not, to be treated as capital expenditure for the purposes of Chapter 1 of Part 1 of the 2003 Act.

Regulation 27 provides that local authorities must charge to a revenue account a minimum amount (“minimum revenue provision”), and may charge to a revenue account an additional amount, in respect of the financing of capital expenditure. The minimum revenue provision is calculated in accordance with regulations 28 to 29. Parish councils and charter trustees may charge to a revenue account any amount in respect of the financing of capital expenditure (regulation 27(2)).

Regulation 30 requires a local authority to charge to a revenue account for a financial year an amount equal to retirement benefits payments and contributions to pension funds payable for that year.

For the purposes of the definition of “proper practices” in section 21 of the 2003 Act, regulation 31 identifies certain documents that contain accounting practices.

Regulation 32 specifies certain levying bodies that are to be local authorities for the purposes of Part 1 of the 2003 Act.

Under regulation 33, a debt-free local authority with a negative credit ceiling on 31st March 2004, may use the amount, which on that date was the amount it set aside as provision to meet credit liabilities under the Local Government and Housing Act 1989, as if it were a capital receipt to which regulation 23 applies. The amount may not exceed the amount by which the authority’s credit ceiling was less than nil.

Any local authority which is a local authority for the purposes of Part 1 of, or Schedule 1 to, the 2003 Act is specified by regulation 34 as a qualifying local government body for the purposes of paragraph 4 of Schedule 1 (loans by parish councils and charter trustees).

The following documents may be obtained either by post from CIPFA, 3 Robert Street, London WC2N 6RL or from their website at www.cipfa.org.uk/shop:

• (a) The “Prudential Code for Capital Finance in Local Authorities”;

• (b) The “Treasury Management in the Public Services: Code of Practice and Cross-Sectoral Guidance Notes”;

• (c) “A Statement of Recommended Practice: Code of Practice on Local Authority Accounting in the United Kingdom”; and

• (d) “Best Value Accounting Code of Practice”.

“Governance and Accountability in Local Councils in England and Wales: A Practitioners' Guide 2003 Edition” may be obtained by post from the Society of Local Council Clerks, 1 The Crescent, Taunton, Somerset TA1 4EA.

The Item 8 Credit and Item 8 Debit (General) Determination 2003-2004 may be obtained by post from ODPM, Local Housing Authority Division, Zone 2/J3, Eland House, Bressenden Place, London SW1E 5DU.

A full regulatory impact assessment has not been produced for this instrument, as it has no impact on the costs of businesses, charities or voluntary bodies.

Footnotes

[^f00001]: 2003 c. 26.

[^f00003]: S.I. 1997/319; regulation 65 was amended by S.I. 2001/3649. There are other amendments to regulation 65 but none is relevant. S.I. 1997/319 will be revoked on 1st April 2004 by virtue of the repeal of Part IV of the Local Government and Housing Act 1989 (c. 42) under which it was made. See S.I. 2003/2938 (C. 107).

[^f00004]: 1996 c. 52; Part VII was amended by sections 117 and 169 of, and paragraph 116 of Schedule 14 and Schedule 16 to, the Immigration and Asylum Act 1999 (c. 33), sections 5 to 12 of, paragraphs 2 and 7 to 21 of Schedule 1 and Schedule 2 to, the Homelessness Act 2002 (c. 7), and paragraphs 89 to 92 of Schedule 3 to the Adoption and Children Act 2002 (c. 38). There are other amendments to Part VII that are not relevant to these Regulations.

[^f00005]: 1989 c. 42; section 74 was amended by section 222 of, and paragraph 24(2) of Schedule 18 to, the Housing Act 1996.

[^f00006]: The National Association of Local Councils' current address is 109 Great Russell Street, London WC1B 3LD and their website address is www.nalc.gov.uk.

[^f00007]: 1993 c. 28; section 135 was amended by S.I. 1996/2325. There are other amendments to section 135 and amendments to section 136 that are not relevant to these Regulations.

[^f00008]: The current issue of this code of practice was published in London in 2003. ISBN 0 85299 989 5.

[^f00017]: See section 16 (“capital expenditure”) and regulations 25 and 26.

[^f00018]: 1985 c. 68; Schedule 6A was inserted by section 117(2) of, and Schedule 16 to, the Leasehold Reform, Housing and Urban Development Act 1993 (c. 28). There are amendments to Schedule 6A that are not relevant to these Regulations.

[^f00019]: See regulation 22 for meaning of “notional capital receipt”.

[^f00031]: The current issue of this document was published in London in 2001. ISBN 0 85299 943 7.

[^f00040]: The current issue of this code of practice was published in London in 2003. ISBN 0 85299 981 X.

[^f00043]: 1988 c. 41; there are amendments to section 74 which are not relevant to these Regulations.

[^f00044]: The Broads Authority was established by section 1 of the Norfolk and Suffolk Broads Act 1988 (c. 4).

[^f00045]: The Lee Valley Regional Park Authority was established by the Lee Valley Regional Park Act 1966 (c. xli).

[^f00046]: National Park authorities are established under section 63 of the Environment Act 1995 (c. 25).

[^f00047]: The London Pensions Fund Authority was established by S.I. 1989/1815.

[^f00048]: The South Yorkshire Pensions Authority was established by S.I. 1987/2110.

[^f00049]: 1989 c. 42.

Editorial notes

[^key-359c144b0e9e2619169690f124582a31]: Reg. 1 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)

[^key-a99097488c376b06a447aac240179de6]: Reg. 2 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)

[^key-b161a86bf97885e608ebe94e91029734]: Reg. 3 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)

[^key-878d99be35f41b6f84a0b984386f9903]: Reg. 4 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)

[^key-cb46c617f88ed7f771aae96327ca3684]: Reg. 5 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)

[^key-780ca854d3c9e317dc883ded8906b5f4]: Reg. 6 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)

[^key-876d895fe3a8ce1f114245ae21bffc89]: Reg. 7 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)

[^key-3a51121a7a775912556b0973d84b1d7a]: Reg. 8 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)

[^key-bb87ac12ac7f7e6f126aefd94f4afc83]: Reg. 9 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)

[^key-4f9fdc6cabf7ecdb9d85ac3ba4b293b0]: Reg. 10 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)

[^key-cd75cafc01fd9be7a30e402c112a1ee4]: Reg. 11 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)

[^key-f28fbe117e4649661e89d7265ba3f67e]: Reg. 14 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)

[^key-537460c90b426998e850eaff03302fee]: Reg. 22 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)

[^key-5e8b18bddc2fa10ee3d2fa2b86d2a7fa]: Reg. 23 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)

[^key-553637c37c53d074dedb0429e7c6a8df]: Reg. 24 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)

[^key-28914f243b964375428e3c561e06b62f]: Reg. 25 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)

[^key-89b670f7c662f22edbb505515b59f890]: Reg. 26 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)

[^key-423e30f8a6a68b968f23cf08712a4366]: Reg. 29 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)

[^key-96b88cd8b0ff1d384a3242c8610a32b9]: Reg. 30 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)

[^key-5e1f683126a0327c07b10a3713aa035e]: Reg. 31 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)

[^key-57316368f496df29946e92baebead43b]: Reg. 32 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)

[^key-128331f0baf398c51d76997d2187fe52]: Reg. 33 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)

[^key-ad3b50f198bd1b74d4b35cd4e338c78c]: Reg. 34 in force at 1.1.2004 for specified purposes and 1.4.2004 in so far as not already in force, see reg. 1(1)

[^key-b957bf7e4d8a14a5242efaf906f1c4c8]: Words in reg. 25(1)(d) inserted (1.4.2004) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2004 (S.I. 2004/534), regs. 1(1), 5(1)(a)(i)

[^key-8cb3fed32eda351d909db2fe6ac58e37]: Word in reg. 25(1)(d) omitted (1.4.2004) by virtue of The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2004 (S.I. 2004/534), regs. 1(1), 5(1)(a)(ii)

[^key-784d6945b2a94e623b0843dd0c40d182]: Reg. 25(1)(f) and word added (1.4.2004) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2004 (S.I. 2004/534), regs. 1(1), 5(1)(b)

[^key-9bc588f282399d1c0ad912560b949e63]: Reg. 25(3) added (1.4.2004) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2004 (S.I. 2004/534), regs. 1(1), 5(1)(c)

[^key-a1bb0b07cedd4268b28f07a154451607]: Words in reg. 1(5) inserted (16.12.2004) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) (No. 2) Regulations 2004 (S.I. 2004/3055), regs. 1(1), 2(a)

[^key-26f80e24095943d427d064e36d0b945f]: Words in reg. 1(5) inserted (16.12.2004) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) (No. 2) Regulations 2004 (S.I. 2004/3055), regs. 1(1), 2(b)

[^key-d9ed8a9287c33da1cd44f590f29600b8]: Words in reg. 1(5) inserted (16.12.2004) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) (No. 2) Regulations 2004 (S.I. 2004/3055), regs. 1(1), 2(c)

[^key-5b8f8ff6aaafa773af3a23aa478ba0f3]: Words in reg. 1(5) substituted (16.12.2004) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) (No. 2) Regulations 2004 (S.I. 2004/3055), regs. 1(1), 2(d)(i)

[^key-65f816bd1c3f9a7f52e0d43407db305e]: Word in reg. 1(5) omitted (16.12.2004) by virtue of The Local Authorities (Capital Finance and Accounting) (Amendment) (England) (No. 2) Regulations 2004 (S.I. 2004/3055), regs. 1(1), 2(d)(ii)

[^key-a6bc9be9e1a66e6bce0b700dbde85a61]: Words in reg. 1(5) inserted (16.12.2004) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) (No. 2) Regulations 2004 (S.I. 2004/3055), regs. 1(1), 2(e)

[^key-a882846b3f6447b89d75beb7b1f85d75]: Words in reg. 22(1) inserted (16.12.2004) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) (No. 2) Regulations 2004 (S.I. 2004/3055), regs. 1(1), 5

[^key-27e80f457cf6ffd2d39688f21e5d2c81]: Words in reg. 33(1) inserted (16.12.2004) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) (No. 2) Regulations 2004 (S.I. 2004/3055), regs. 1(1), 7(a)(i)

[^key-759c459647fd71b48c391b915b87508c]: Words in reg. 33(1) inserted (16.12.2004) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) (No. 2) Regulations 2004 (S.I. 2004/3055), regs. 1(1), 7(a)(ii)

[^key-cac4ca533fcde671343b8145878288aa]: Reg. 33(4)(5) added (16.12.2004) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) (No. 2) Regulations 2004 (S.I. 2004/3055), regs. 1(1), 7(b)

[^key-db096c1d94a6080c7a7a88c5ac79c22b]: Words in reg. 1(5) inserted (1.4.2006) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2006 (S.I. 2006/521), regs. 1(1), 2(1)(a) (with reg. 1(3))

[^key-2573b78f6f4de2f77587857eb13fc35f]: Words in reg. 1(5) inserted (1.4.2006) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2006 (S.I. 2006/521), regs. 1(1), 2(1)(b) (with reg. 1(3))

[^key-9ec2d4e450d452829d4d5f7cefadb014]: Reg. 30A inserted (30.3.2007) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2007 (S.I. 2007/573), regs. 1(1), 5(2)

[^key-222d72b75a86fa279e0725fc460d520e]: Reg. 29A inserted (1.4.2007) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2007 (S.I. 2007/573), regs. 1(1), 4

[^key-227014d32fc013a73b687e4358ad8ccb]: Regs. 30B-30D inserted (1.4.2007) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2007 (S.I. 2007/573), regs. 1(1), 6

[^key-ad417c36818b449e95914bff2d751180]: Reg. 25(3)(c) and word inserted (1.4.2007) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2007 (S.I. 2007/573), regs. 1(1), 2(b)

[^key-694450de46452fe0d66bc350692fdeae]: Regs. 30E, 30F inserted (31.3.2008) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2008 (S.I. 2008/414), regs. 1(1), 6

[^key-089f603f9049954cb6fae86ed412dafa]: Reg. 28 substituted (31.3.2008) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2008 (S.I. 2008/414), regs. 1(1), 4(1)

[^key-54ac99624822816209bc367c60ce2257]: Reg. 29 substituted (31.3.2008) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2008 (S.I. 2008/414), regs. 1(1), 4(2)

[^key-2c47b601cb3567b464a7a12c64a0d7ea]: Reg. 30C(1)(b) substituted (31.3.2008) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2008 (S.I. 2008/414), regs. 1(1), 5(a)

[^key-c1fd26b5cd3b81c8e89bdcbd75409488]: Words in reg. 30C(6) substituted (31.3.2008) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2008 (S.I. 2008/414), regs. 1(1), 5(b)

[^key-f04e0263fbef443669b365d911592eb8]: Reg. 30G inserted (31.3.2009) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2009 (S.I. 2009/321), regs. 1(1), 3

[^key-1c4a98023ae8fd7ab62e77b51174519e]: Reg. 30 applied by S.I. 2004/1778, art. 23A (as inserted (25.6.2009) by The Chilterns Area of Outstanding Natural Beauty (Establishment of Conservation Board) (Amendment) Order 2009 (S.I. 2009/1578), arts. 1(b), 2)

[^key-0986fba518dd86ca2d15a07de6d75122]: Reg. 4(2) modified (31.3.2010) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2010 (S.I. 2010/454), regs. 1(1)(a), 3(2)

[^key-7d29d51ecc768936d879c17a285b1806]: Words in reg. 30 substituted (31.3.2010) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2010 (S.I. 2010/454), regs. 1(1)(a), 3(3)

[^key-e0b0c19b8f16b70cafa7647ddfc6574e]: Reg. 30H inserted (1.4.2010) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2010 (S.I. 2010/454), regs. 1(1)(b), 7

[^key-75770b108420747e5a6a36ef6b243db3]: Reg. 30I inserted (1.4.2010) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2010 (S.I. 2010/454), regs. 1(1)(b), 8

[^key-db8140e298c7951e8a2118186a23e137]: Words in reg. 4(2) substituted (1.4.2010) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2010 (S.I. 2010/454), regs. 1(1)(b), 3(1) (with reg. 3(2))

[^key-d814af1b248d6c7bf695736b417f3492]: Word in reg. 23(e) omitted (1.4.2010) by virtue of The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2010 (S.I. 2010/454), regs. 1(1)(b), 4(a)

[^key-a048fb4fbbc27a7515e86991a1569506]: Word in reg. 23(f) omitted (1.4.2010) by virtue of The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2010 (S.I. 2010/454), regs. 1(1)(b), 4(b)

[^key-4773ce425576292fb9493d321d05d0ef]: Reg. 23(h)(i) inserted (1.4.2010) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2010 (S.I. 2010/454), regs. 1(1)(b), 4(c)

[^key-90427b07305ea421bdd02735e66b989c]: Word in reg. 25(3)(c) substituted for comma (1.4.2010) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2010 (S.I. 2010/454), regs. 1(1)(b), 5(a)

[^key-4cd87271a92a4792e29c992331a89e42]: Reg. 25(3)(d) inserted (1.4.2010) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2010 (S.I. 2010/454), regs. 1(1)(b), 5(b)

[^key-b8cc76257c5d2aac27866690f48345f6]: Reg. 30A(5)(6) inserted (1.4.2010) by The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2010 (S.I. 2010/454), regs. 1(1)(b), 6

[^key-93f6ecbce0a7347f629bdc19563b8d8d]: Words in reg. 31(a) omitted (1.4.2010) by virtue of The Local Authorities (Capital Finance and Accounting) (Amendment) (England) Regulations 2010 (S.I. 2010/454), regs. 1(1)(b), 9

[^key-5b9e599a8d429206d516e2ee2365ca43]: Words in reg. 3(2) substituted (31.3.2012) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2012 (S.I. 2012/265), regs. 1(2), 4(2) (with reg. 1(4))

[^key-7a0fbeef43bd8b12ea3684431edcc209]: Reg. 25(1)(ea) substituted (31.3.2012) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2012 (S.I. 2012/265), regs. 1(2), 7(b) (with reg. 1(4))

[^key-abe08be023044ceb8e37be58ae2f5ef2]: Reg. 31(b) substituted (31.3.2012) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2012 (S.I. 2012/265), regs. 1(2), 8 (with reg. 1(4))

[^key-11cc2bae2062d4fc4149095b029e15c9]: Reg. 2A and sub-part heading inserted (1.4.2012) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2012 (S.I. 2012/265), regs. 1(3), 4(1) (with reg. 1(4))

[^key-145d36b8b039583340101e86d6d56969]: Reg. 9B inserted (1.4.2012) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2012 (S.I. 2012/265), regs. 1(3), 6 (with reg. 1(4))

[^M_F_1af41acf-1051-4543-8992-0833717c1dc5]: Regs. 12-19 substituted for regs. 12-21 (1.4.2012) by virtue of The Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No. 2) Regulations 2012 (S.I. 2012/711), regs. 1(2), 7 (with reg. 10)

[^key-01f4e98073445db3e6704de383f886a8]: Words in reg. 1(5) inserted (1.4.2012) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2012 (S.I. 2012/265), regs. 1(3), 3(c) (with reg. 1(4))

[^key-2036958c5dafbfcfbeb242d63c83a062]: Words in reg. 1(5) omitted (1.4.2012) by virtue of The Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No. 2) Regulations 2012 (S.I. 2012/711), regs. 1(2), 4(a) (with reg. 10)

[^key-a729c0c224e951a1e96f45fffd8e9eb1]: Words in reg. 1(5) inserted (1.4.2012) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No. 2) Regulations 2012 (S.I. 2012/711), regs. 1(2), 4(b) (with reg. 10)

[^key-afedafa781bd397f7598effe19cba013]: Words in reg. 1(5) inserted (1.4.2012) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No. 2) Regulations 2012 (S.I. 2012/711), regs. 1(2), 4(e) (with reg. 10)

[^key-78c1c7e2fc5668eb2238612335bf560c]: Words in reg. 1(5) inserted (1.4.2012) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No. 2) Regulations 2012 (S.I. 2012/711), regs. 1(2), 4(f) (with reg. 10)

[^key-10f382f9e703907c412d51b6c341e04e]: Reg. 6 substituted (1.4.2012) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2012 (S.I. 2012/265), regs. 1(3), 4(3) (with reg. 1(4))

[^key-c6512a7fd8eeb1dd89eff601b197ffaa]: Words in reg. 7(2) substituted (1.4.2012) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2012 (S.I. 2012/265), regs. 1(3), 5(1)(a) (with reg. 1(4))

[^key-1f976f763929d5ba349f272b6b417212]: Reg. 7(4) inserted (1.4.2012) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2012 (S.I. 2012/265), regs. 1(3), 5(1)(b) (with reg. 1(4))

[^key-1f223ec813676dcd9d586e3bdf53ea86]: Reg. 7A substituted (1.4.2012) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2012 (S.I. 2012/265), regs. 1(3), 5(2) (with reg. 1(4))

[^key-b52306676ae4e0455dbf3faeb4fc81c4]: Reg. 9A omitted (1.4.2012) by virtue of The Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No. 2) Regulations 2012 (S.I. 2012/711), regs. 1(2), 5 (with reg. 10)