LegalizeThe Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2023
Made: 1st March 2023
Laid before Parliament: 6th March 2023
Coming into force: 31st March 2023
The Secretary of State makes these Regulations in exercise of the powers conferred by sections 21(1) and 123(1) of the Local Government Act 2003[^f00001].
Citation, commencement and extent
1
- (1) These Regulations may be cited as the Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2023.
- (2) These Regulations come into force on 31st March 2023.
- (3) These Regulations extend to England and Wales.
Amendment of the Local Authorities (Capital Finance and Accounting) (England) Regulations 2003
2
In regulation 30K(5) of the Local Authorities (Capital Finance and Accounting) (England) Regulations 2003 (fair value gains and losses of pooled investment funds)[^f00002], for “2023” substitute “2025”.
Signed
Signed by authority of the Secretary of State for Levelling Up, Housing and Communities
Lee Rowley — Parliamentary Under Secretary of State — Department for Levelling Up, Housing and Communities — 1st March 2023
Explanatory note
(This note is not part of the Regulations)
EXPLANATORY NOTE
These Regulations amend the Local Authorities (Capital Finance and Accounting) (England) Regulations 2003 (S.I. 2003/3146) (the “2003 Regulations”).
Regulation 30K of the 2003 Regulations provides that a local authority must not charge an amount to its revenue account to reflect any fluctuation in the fair value of a local authority’s investment in a pooled investment fund. Instead, such amounts must be recorded in a separate account established and usable solely for that purpose. These Regulations extend the application of regulation 30K by two financial years.
A full regulatory impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.
Footnotes
[^f00001]: 2003 c. 26.
[^f00002]: S.I. 2003/3146; relevant amending instruments are S.I. 2018/1207, 2019/396.
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