The Local Authorities (Capital Finance) (Rate of Discount for 1991/92) Regulations 1991
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 failing 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 11 per cent. for the financial year beginning on 1st April 1991.