[^key-6da2dae3722b6574e0039f553f532573]: Sch. para. 3: the words "relevant financial year" substituted for "relevant quarter" (30.6.2021) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2021 (S.I. 2021/611), regs. 1(2), 6(3)(a) (with reg. 7(3)) [Editorial note: For technical reasons the editorial team has been unable to carry out this substitution where the relevant words occur in formulas contained in image files.]

[^key-af27cd436c1137627b586cf72248109b]: Sch. para. 3(2): the words "previous financial year" substituted for "previous quarter" (30.6.2021) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2021 (S.I. 2021/611), regs. 1(2), 6(3)(b) (with reg. 7(3)) [Editorial note: For technical reasons the editorial team has been unable to carry out this substitution where the relevant words occur in formulas contained in image files.]

[^key-2bf79ee4dc95f92a70c725ac446a013b]: Words in Sch. para. 4 substituted (30.6.2021) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2021 (S.I. 2021/611), regs. 1(2), 6(4)(a) (with reg. 7(3))

[^key-88f6b629d0abea510b88d60a11d594d3]: Words in Sch. para. 4 substituted (30.6.2021) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2021 (S.I. 2021/611), regs. 1(2), 6(4)(b) (with reg. 7(3))

[^key-3359a32243fdc664d1dc12cd0ec26e59]: Words in Sch. para. 4 substituted (30.6.2021) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2021 (S.I. 2021/611), regs. 1(2), 6(4)(c)(i) (with reg. 7(3))

[^key-d71d977a97810a02170f8c712a826bcf]: Words in Sch. para. 4 substituted (30.6.2021) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2021 (S.I. 2021/611), regs. 1(2), 6(4)(c)(ii) (with reg. 7(3))

[^key-c8c3e9c8d6043c1100a7a9e703b0579b]: Words in Sch. para. 4 substituted (30.6.2021) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2021 (S.I. 2021/611), regs. 1(2), 6(4)(d) (with reg. 7(3))

[^key-ddfbd3839b060a168b9e306926e636bd]: Words in Sch. para. 4 substituted (30.6.2021) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2021 (S.I. 2021/611), regs. 1(2), 6(4)(e)(i) (with reg. 7(3))

[^key-011e3ed0f6e4c446b56af416b97b5d82]: Words in Sch. para. 4 substituted (30.6.2021) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2021 (S.I. 2021/611), regs. 1(2), 6(4)(e)(ii) (with reg. 7(3))

[^key-a102a258161e1d910d8cf588ae86d1b2]: Words in Sch. para. 4 substituted (30.6.2021) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2021 (S.I. 2021/611), regs. 1(2), 6(4)(f) (with reg. 7(3))

[^key-2c576b948f38d4497fca08f0a0e5597b]: Word in Sch. para. 4 inserted (30.6.2021) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2021 (S.I. 2021/611), regs. 1(2), 6(4)(g) (with reg. 7(3))

[^key-62b8f646154aa51ca1b8d1314c0c3eb1]: Words in Sch. para. 4 inserted (30.6.2021) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2021 (S.I. 2021/611), regs. 1(2), 6(4)(h) (with reg. 7(3))

[^key-296a19bf4aa67d49c3219082ce4882da]: Sch. para. 8(a) omitted (30.6.2021) by virtue of The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2021 (S.I. 2021/611), regs. 1(2), 6(6)(a) (with reg. 7(3))

[^key-9e95a583132dd6a38c902cb046df9ab5]: Words in Sch. para. 8(b) omitted (30.6.2021) by virtue of The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2021 (S.I. 2021/611), regs. 1(2), 6(6)(b) (with reg. 7(3))

[^key-c47d9af468bd070fc6a9623053230c4d]: Sch. para. 9 substituted (30.6.2021) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2021 (S.I. 2021/611), regs. 1(2), 6(7) (with reg. 7(3))

[^key-90ec83f161afad67b97ae2b982a3a34e]: Sch. para. 10(a) omitted (30.6.2021) by virtue of The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2021 (S.I. 2021/611), regs. 1(2), 6(8)(a) (with reg. 7(3))

[^key-a77f6a8db97c77af3da14b30ebd97fa3]: Words in Sch. para. 10(b) omitted (30.6.2021) by virtue of The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2021 (S.I. 2021/611), regs. 1(2), 6(8)(b) (with reg. 7(3))

[^key-c8b8120460fab61e8eee0c3bcb562ded]: Reg. 30M inserted (25.12.2022) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2022 (S.I. 2022/1232), regs. 1(1), 2

[^key-751c56b63a0c85631a974a61fd92af43]: Words in reg. 30L(1) substituted (31.1.2023) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No. 2) Regulations 2022 (S.I. 2022/1328), regs. 1(2), 2(a)

[^key-ddc6cc8eeb406921cca87fb4e57a3a3a]: Words in reg. 30L(3) substituted (31.1.2023) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No. 2) Regulations 2022 (S.I. 2022/1328), regs. 1(2), 2(b)

[^key-c28c79a8e6a5addf56fc31420b251ff4]: Words in reg. 30L(5) substituted (31.1.2023) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No. 2) Regulations 2022 (S.I. 2022/1328), regs. 1(2), 2(c)

[^key-463a45501f56bc95bf6840ad8d1759ce]: Sch. para. 4C inserted (1.4.2023) by The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(5)

[^key-bfdaf2c36ec7aadd5656db4946f2d02d]: Words in Sch. Table A omitted (1.4.2023) by virtue of The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(7)(a)

[^key-5f325673da924546d630e4b8e6cb3810]: Words in Sch. Table A omitted (1.4.2023) by virtue of The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(7)(b)

[^key-0288962c28be4077dbf589e09e26145e]: Words in Sch. Table A omitted (1.4.2023) by virtue of The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(7)(c)

[^key-7e00af74d7e30d2dffb02c20d308d0d5]: Words in Sch. Table A omitted (1.4.2023) by virtue of The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(7)(d)

[^key-d5298d0282e245475296859fe6ba9071]: Words in Sch. Table A omitted (1.4.2023) by virtue of The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(7)(e)

[^key-9220614e33f9c90bf3ff1e341fe59bef]: Words in Sch. Table A omitted (1.4.2023) by virtue of The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(7)(f)

[^key-7884b4edebca4419f88c39daeb52f3e6]: Words in Sch. Table B omitted (1.4.2023) by virtue of The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(9)(a)

[^key-2f7238b9f457b285db2be79b77a8b8f8]: Words in Sch. Table B omitted (1.4.2023) by virtue of The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(9)(b)

[^key-4a7164d13278159085bfa8633b4a9bdd]: Words in Sch. Table B omitted (1.4.2023) by virtue of The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(9)(c)

[^key-3b7c56dfde9ac2d7301458d4674a1c1d]: Words in Sch. Table B omitted (1.4.2023) by virtue of The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(9)(d)

[^key-8d3659ffc0439115a649dab17029f35f]: Words in Sch. Table B omitted (1.4.2023) by virtue of The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(9)(e)

[^key-40323afa132f4c53c7932cf1f6dd4330]: Words in Sch. Table B omitted (1.4.2023) by virtue of The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(9)(f)

[^key-aeb25c34aa3dc9a03a0a59a978ce4ae4]: Words in Sch. para. 4 substituted (1.4.2023) by The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(2)

[^key-dc3ef3efc3ffba73971f7e224be2f265]: Words in Sch. para. 4A inserted (1.4.2023) by The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(3)

[^key-56e64839c7159b36977a69a053e79a99]: Words in Sch. para. 4B inserted (1.4.2023) by The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(4)

[^key-fbf5bf410fcd1b7a8eb199af28b31417]: Words in Sch. para. 9(2) inserted (1.4.2023) by The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(6)(a)

[^key-e1d09663d11d8e35e74887acbfe36248]: Sch. para. 9(3) inserted (1.4.2023) by The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(6)(b)

[^key-329ce7b45662663b67dc04d5a562b4f4]: Reg. 28 renumbered as reg. 28(1) (7.5.2024) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2024 (S.I. 2024/478), regs. 1(3), 2(4)(a)

[^key-b247d772700c28e73de04c5890517ea4]: Reg. 28(2)(3) inserted (7.5.2024) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2024 (S.I. 2024/478), regs. 1(3), 2(4)(b)

[^key-8597c88a02dca0d357b7d2ce4b3936f6]: Words in reg. 1(5) omitted (1.6.2024) by virtue of The Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No. 2) Regulations 2024 (S.I. 2024/602), regs. 1(2), 2(2)(a)

[^key-9345b392bd62a0f5aa148bb1382c9a5e]: Word in reg. 1(5) substituted (1.6.2024) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No. 2) Regulations 2024 (S.I. 2024/602), regs. 1(2), 2(2)(b)

[^key-ee76c7d1c234b6944594265f0ebb15e9]: Words in reg. 1(5) inserted (1.6.2024) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No. 2) Regulations 2024 (S.I. 2024/602), regs. 1(2), 2(2)(c)

[^key-fb31b8edd3acd1b7e3498325922fb30e]: Reg. 25(3)(a) omitted (1.6.2024) by virtue of The Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No. 2) Regulations 2024 (S.I. 2024/602), regs. 1(2), 2(3)

[^key-eb6bf9969170c787c15d36a1569c1e0d]: Words in reg. 30K(1) omitted (1.6.2024) by virtue of The Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No. 2) Regulations 2024 (S.I. 2024/602), regs. 1(2), 2(4)

[^key-2afc0fab85bffac774c0741e22c68fd1]: Reg. 1(3A) substituted (1.4.2025) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2024 (S.I. 2024/478), regs. 1(2), 2(2)(b)

[^key-93bf456fe629077afe33a16379953bfe]: Words in reg. 1(3) inserted (1.4.2025) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2024 (S.I. 2024/478), regs. 1(2), 2(2)(a)

[^key-7f1fa571691ae4a8bff761205bbcbe42]: Reg. 27 substituted (1.4.2025) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2024 (S.I. 2024/478), regs. 1(2), 2(3)

[^key-b5f7c6873feb68ae6068d80808383064]: Reg. 28(4)-(7) inserted (1.4.2025) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2024 (S.I. 2024/478), regs. 1(2), 2(4)(c)

[^key-98986ff7e512b531fc433ea871a1f372]: Reg. 30K(5) substituted (23.4.2025) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2025 (S.I. 2025/422), regs. 1(2), 3

[^key-e8da405decc4585ddff16725ce5d3b7a]: Word in reg. 30M(1)(a) substituted (23.4.2025) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2025 (S.I. 2025/422), regs. 1(2), 4

Capital receipts reduced by consideration for former new town assets

20A

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Transitional reductions for debt-free authorities

Non-money receipts

9A

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16A

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16B

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Provision of affordable housing

Regeneration projects

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

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

Capital receipts reduced by consideration for former new town assets

Transitional reductions for debt-free authorities

Non-money receipts

SCHEDULE — Calculation of the sub-liability

1

(1) This Schedule applies to capital receipts derived from dwellings disposed of by the local authority on or after 1st April 2012—

(a) under Part V of the Housing Act 1985;

(b) to a secure tenant for an amount that is less than the market value of the dwelling; or

(i) a premium (which is a portion of the market value of the disposed dwelling) was paid and that portion exceeded 50% of the market value of the disposed dwelling; or

(ii) within 2 years of the grant of the shared ownership lease, a premium is paid to acquire a further portion of the disposed dwelling so that the total portion of the market value of the disposed dwelling owned by the tenant is more than 50%.

(2) This Schedule does not apply to capital receipts derived from the disposal of dwellings that are the subject of an agreement made under section 80B of the Local Government and Housing Act 1989.

2

In this Schedule—

“available buy back allowance” is an amount calculated in accordance with paragraph 3(2);

“assumed debt” is an amount calculated in accordance with paragraph 4A;

“attributable debt” means the amount of debt associated with a dwelling subject to the duty under section 74 of the Local Government and Housing Act 1989 (duty to keep a housing revenue account) set out in “the table of debt associated with HRA properties” dated 31st March 2013 which is published on the website of GOV.UK and deposited at the Department’s principal office;

“buy back allowance” is an amount calculated in accordance with paragraph 3;

“local authority share cap” is an amount calculated in accordance with paragraph 4B;

“London authorities” means—a London borough council; andthe Common Council of the City of London;

“pooling period” means one of the following periods—a quarter beginning before 1st April 2021;a financial year beginning on or after 1st April 2021;

“pooling period 1” means the period from 1st April 2012 to 30th June 2012;

“previous financial year” means the financial year before the relevant financial year;

“quarter” means one of the following periods—1st April to 30th June;1st July to 30th September;1st October to 31st December;1st January to 31st March;

“relevant financial year” means, in relation to the calculation of the sub-liability, the financial year to which the calculation relates;

“transaction cost” means in relation to—London authorities, £2850:local authorities that are not London authorities, £1300.

3

(1) The buy back allowance for the relevant financial year means 50% of the relevant costs of buying back a relevant interest in the relevant financial year where—

(a) “relevant costs” means the expenditure incurred by the authority in the relevant financial year including administrative and incidental costs; and

(b) “relevant interest” means a freehold or leasehold interest in a dwelling—

(i) that has previously been disposed of by the authority, another authority, a new town corporation, a housing action trust or an urban development corporation;

(ii) that was not acquired pursuant to a compulsory purchase order; and

(iii) was not acquired from a body of persons corporate or unincorporate.

(2) The available buy back allowance in respect of a relevant financial year is calculated as follows—

$(available buy back allowance for the previous quarter+buy back allowance for the relevant quarter)–available buy back allowance deducted in the previous quarter when calculating the sub-liability$

4

In this Schedule—

A means the total receipts received from the disposal of dwellings in the relevant financial year;

A* means the value of A in the previous financial year;

B means the total of the attributable debt associated with the dwellings disposed of from 1st April 2012 to the last day of the relevant financial year;

C means the total of the assumed debt for each pooling period from pooling period 1 to the relevant financial year;

D means the local authority share cap for the relevant financial year;

E means the total transaction cost calculated in accordance with paragraph 5;

E* means the total transaction cost for the previous financial year;

F has the meaning set out in paragraph 11, except for the pooling periods during the period 1 April 2012 to 31 March 2013 where the value of F shall be the amount calculated as F on the due date for each of those pooling periods.

F* means the value of F for the previous financial year;

F** means the total of the value of F for each pooling period from pooling period 1 to the previous financial year;

F*** has the meaning set out in paragraph 6;

G has the meaning set out in paragraph 8;

G*means the value for G in the previous financial year;

H means the transaction cost;

I means the number of disposals of dwellings during the relevant financial year;

J means deductible buy back allowance for the relevant financial year and is calculated in accordance with paragraph 12;

J* means the value of J for the previous financial year;

K means the sub-liability for the relevant financial year and is calculated in accordance with paragraph 13;

K* means the value of K for the previous financial year;

L is calculated in accordance with paragraph 10;

L* means the value of L for the previous financial year;

L** has the meaning set out in paragraph 9(1);

M has the meaning set out in paragraph 7 ; and

N* means the assumed debt for the previous financial year;

O* means the local authority share cap for the previous financial year;

P has the meanings set out in paragraph 9(2) and (4);

P* means the value of P for the previous financial year.

5

E (the total transaction cost) means—

$H×I$

6

F*** means—

$B−C−F**$

except where $B−C$ is less than zero, F*** means—

$0−F**$

7

M means $A−E−F−J−K*$

8

G means—

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

(b) ...

$(D+G*)−M$

9

(1) L** means—

$183,000,000÷P$

(2) Subject to sub-paragraph (3), P means—

(a) in the financial year beginning on 1st April 2021, 77,988,112.73;

(b) in each subsequent financial year—

$N*×1.01$

(3) In the case of North Yorkshire Council, Somerset Council and Westmorland and Furness Council, P means—

(a) in the financial year beginning on 1st April 2023, 79,555,673.79;

(b) in each subsequent financial year—P* × 1.01.

10

L means—

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

(b) ...

$[({G−M}×L)+(D×L**)]÷G$

11

F means—

$F***$

except where $(E−A)÷L$ is greater than $F***$, F means—

$(E−A)÷L$

12

J means an amount of the available buy back allowance that does not exceed—

$[A−E−F−({L+1}×G)]×0.065$

except where $[A−E−F−({L+1}×G)]$ is less than zero, J means zero.

Back payment following unequal pay

30A

(1) For the purposes of this regulation—

(a) a reference to an employee of a local authority includes a reference to a former employee, an officer or a former officer of the authority;

(b) a reference to the contract under which an employee was or is employed includes a reference to the terms of appointment under which an officer held or holds office; and

(c) an employee of a local authority received unequal pay when the amount of pay he received from the authority for work done by him during a particular period is less than the appropriate amount of pay for that work done during that period.

(2) In this regulation—

“appropriate amount of pay”, in relation to an employee of a local authority, means the amount of pay to which the employee is entitled in accordance with any equality clause deemed to be included, by virtue of section 1(1) of the Equal Pay Act 1970, in the contract under which he was or is employed;

“back payment” means a payment of arrears of remuneration made by a local authority, for work—done by an employee of the authority;in respect of which the employee received unequal pay; anddone before the employee first receives any increase in pay as a result of receiving that unequal pay,which is paid to the employee, or part of which is paid to the employee (“the net payment”) and part of which is paid to another person on behalf of the employee (“relevant deductions”), because the employee received unequal pay for that work; and

“social security costs” means any contributions by a local authority to any state social security or pension scheme, fund or arrangement.

(3) Where a local authority—

(a) is required by an employment tribunal or a court to make a back payment;

(i) considers that it is probable that an employment tribunal or a court will require it to make a back payment; and

(ii) is able to make a reasonable estimate of the amount of such back payment;

(i) considers that it is probable that it will reach an agreement or otherwise determine to make a back payment; and

(ii) is able to make a reasonable estimate of the amount of such back payment,

paragraph (4) shall apply.

(4) Where this paragraph applies, the authority need not charge to a revenue account an amount in respect of—

(a) the back payment; or

(b) social security costs or other costs incurred by the authority in relation to that back payment,

until the date on which the authority must pay that back payment, or the net payment, to the employee (as required by the tribunal or court or in accordance with the agreement or determination, as the case may be).

(5) Subject to paragraph (6), this regulation ceases to have effect on 1st April 2018.

(6) Where paragraph (4) applies to an amount, it continues to apply until the date on which the payment is actually made, whether or not the date is on or after 1st April 2018.

Proper practices

Accounting for capital expenditure

29A

Where expenditure of a local authority—

(a) is expenditure which falls to be capitalised in accordance with proper practices (“capital expenditure”); or

(b) is treated as being capital expenditure by virtue of regulations made, or a direction given, under section 16(2),

that expenditure need not be charged to a revenue account of the local authority.

Retirement benefits

Back payment following unequal pay

Early repayment of loans – premiums and discounts at 31st March 2007

30B

(1) This regulation applies where—

(a) before 1st April 2007 a local authority repays a loan of money before the date on which the authority is required, in accordance with the terms of the loan, to fully repay the whole or the remaining part of it;

(b) as a consequence of such early repayment—

(i) the authority is required to pay a premium to the lender of the loan or is required, in accordance with proper practices, to account for an amount in respect of a premium as if it were required to pay such a premium; or

(ii) the lender of the loan gives the authority a discount on the loan or the authority is required, in accordance with proper practices, to account for an amount in respect of a discount as if the lender had given the authority such a discount; and

(i) in the case of a premium, an amount in respect of the premium included, in accordance with proper practices, in the authority’s balance sheet at 1st April 2007 is less than the amount so included immediately before that date;

(ii) in the case of a discount, an amount in respect of the discount included, in accordance with proper practices, in the authority’s balance sheet at 1st April 2007 is less than the amount so included immediately before that date.

(2) This regulation does not apply in relation to an amount in respect of a discount where, before 1st April 2007, a local authority credited the total amount of the discount to a revenue account in accordance with proper practices or with proper accounting practices which the authority was required to follow at that time.

(2A) This regulation does not apply 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.

(3) Subject to paragraphs (4) and (5), where this regulation applies, in each relevant year, the amount that a local authority shall charge to a revenue account for that year in respect of the premium or credit to a revenue account for that year in respect of the discount, as the case may be—

(a) in the case of a premium, shall be an amount which is the same as or greater than the amount calculated in accordance with the formula specified in paragraph (6);

(b) in the case of a discount, shall be an amount which is the same as or less than the amount calculated in accordance with that formula.

(4) In the case of a premium, where, in relation to a relevant year, the result of the calculation of the formula specified in paragraph (6) is nil, the authority shall not charge any amount to a revenue account for that year in respect of the premium.

(5) By the end of the final year, the total amount charged by the authority to a revenue account in respect of the premium or credited by the authority to a revenue account in respect of the discount shall equal the amount of the premium or the discount, as the case may be.

(6) The formula specified for the purposes of paragraphs (3) and (4) is—

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

Capital receipts reduced by consideration for former new town assets

20A

Transitional reductions for debt-free authorities

Non-money receipts

Social HomeBuy receipts

9A

Available Social HomeBuy allowance

16A

Total Social HomeBuy allowance

16B

Provision of affordable housing

Regeneration projects

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

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

Capital receipts reduced by consideration for former new town assets

Transitional reductions for debt-free authorities

Non-money receipts

SCHEDULE — Calculation of the sub-liability

1

2

3

4

5

6

7

8

9

10

11

12

Back payment following unequal pay

30A

Proper practices

Accounting for capital expenditure

29A

Retirement benefits

Back payment following unequal pay

Early repayment of loans – premiums and discounts at 31st March 2007

30B