The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2014
These Regulations insert a new provision into the Local Authorities (Capital Finance and Accounting) (England) Regulations 2003. On 1st April 2013, with the commencement of the new scheme for local retention of non-domestic rates under Schedule 7B to the Local Government Finance Act 1988, and in accordance with ordinary local authority accounting practices, authorities in England would be required to recognise an amount in their revenue accounts representing the amount by which non-domestic rates payable to it for a year may be reduced by potential liabilities to ratepayers in respect of financial years before 1st April 2013. New regulation 30J allows billing authorities (other than those to which paragraph 1A of Schedule 4 to the Non-Domestic Rating (Rates Retention) Regulations 2013 has effect) and major precepting authorities (other than police and crime commissioners) in England to record an offsetting credit in their accounts of 80% of the sum of the reduction. This is a temporary measure as the offsetting credit must be fully reversed by the financial year commencing on 1st April 2017.