CAPITAL RECEIPTS

November 18th, 2014

CLG has, on 17 November 2014, issued a Consultation, for response by 19 December 2014, on proposed amendments to the Local Authorities (Capital Finance and Accounting) (England) Regulations 2003, as amended, in relation to the use of capital receipts arising from the disposal of council housing assets, to come into force on 1 April 2015.  The purpose of the proposed amendments is stated to be to enable local housing authorities to calculate the “poolable” amount derived from the disposal of assets for the years 2015-2016 and 2016-2017.  The proposed amendments deal directly only with the calculation of allowable debt, the local authority share and the Treasury share.  It is proposed that this calculation will remain unchanged.  It is also proposed that the calculation of the local authority share cap will remain unchanged; and that the calculation of share ratio will remain unchanged; save in the case of a small number of identified authorities which are in the process of transferring their stock.

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