Statutory Instrument 1992 No. 302

The Local Authorities (Capital Finance) (Rate of Discount for 1992/93) Regulations 1992

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© Crown Copyright 1992

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1992 No. 302

LOCAL GOVERNMENT, ENGLAND AND WALES

The Local Authorities (Capital Finance) (Rate of Discount for 1992/93) Regulations 1992

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 49(2) of the Local Government and Housing Act 1989^[1], and of all other powers enabling them in that behalf, hereby make the following Regulations:

    1.    These Regulations may be cited as the Local Authorities (Capital Finance) (Rate of Discount for 1992/93) Regulations 1992 and shall come into force on 1st April 1992.

    2.    The percentage rate of discount prescribed for the financial year beginning on 1st April 1992 for the purposes of section 49 of the Local Government and Housing Act 1989 shall be 10 per cent.

Michael Heseltine

Secretary of State for the Environment

17th February 1992

David Hunt

Secretary of State for Wales

17th February 1992

Part IV of the Local Government and Housing Act 1989 makes provision for the capital finance of local authorities. Section 49(2) sets out a formula for determining for the purposes of Part IV the value of the consideration falling to be given by a local authority under a credit arrangement in any financial year after the one in which the arrangement comes into being. The percentage rate of discount prescribed for a financial year is one of the factors referred to in the formula. These Regulations prescribe 10 per cent for the financial year beginning on 1st April 1992.

The percentage rate of discount for the financial year beginning on 1st April 1991, prescribed by S.I. 1991/97, was 11 percent.

[1] 1989 c. 42. back