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United Kingdom Statutory Instruments |
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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Local Authorities (Payment of Levy on Disposals) Regulations 1995 No. 1981 URL: http://www.bailii.org/uk/legis/num_reg/1995/uksi_19951981_en.html |
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Statutory Instruments
LOCAL GOVERNMENT, ENGLAND AND WALES
Made
25th July 1995
Laid before Parliament
2nd August 1995
Coming into force
24th August 1995
The Secretary of State for the Environment, as respects England, and the Secretary of State for Wales, as respects Wales, in exercise of the powers conferred on them by section 136(9) of the Leasehold Reform, Housing and Urban Development Act 1993(1) and of all other powers enabling them in that behalf, hereby make the following Regulations:
1.-(1) These Regulations may be cited as the Local Authorities (Payment of Levy on Disposals) Regulations 1995 and shall come into force on 24th August 1995.
(2) In these Regulations "the Act" means the Leasehold Reform, Housing and Urban Development Act 1993.
2.-(1) The amounts which may by virtue of subsection (8) of section 136 of the Act be applied as mentioned in that subsection shall not exceed the relevant percentage of the levy concerned.
(2) In paragraph (1) above, "relevant percentage" means either-
(a)the percentage of the aggregate amount "CR" defined in section 136(3) of the Act which is set aside by the authority as provision to meet credit liabilities in accordance with section 59(1) and section 61(4) of the Local Government and Housing Act 1989(2), or
(b)where the percentage mentioned in sub-paragraph (a) above is nil, 1 per cent.
Signed by authority of the Secretary of State for the Environment
David Curry
Minister of State,
Department of the Environment
24th July 1995
Signed by authority of the Secretary of State for Wales
Gwilym Jones
Parliamentary Under-Secretary of State, Welsh Office
25th July 1995
(This note is not part of the Regulations)
Under section 136 of the Leasehold Reform, Housing and Urban Development Act 1993 a local authority is required to pay a levy in respect of a disposal of dwelling-houses which is a qualifying disposal for the purposes of that section, and may apply amounts set aside as provision to meet credit liabilities ("PCL") to meet any liability for such a levy (other than a liability for interest). These Regulations provide that the amounts which may be applied for this purpose shall not exceed a specified percentage of the levy concerned, namely the percentage of the consideration for the qualifying disposal which was set aside as PCL, or, where nothing was set aside, 1 per cent.
