Clause 10 - Non-money receipts
Local Government Bill
3:30 pm
Mr Philip Hammond (Runnymede and Weybridge, Conservative)
It is not just that regulation 16 does not include such a provision, because the explanatory notes on it use the example of housing nomination rights to show how an authority would have to calculate an equivalent monetary value. The notes say:
''For example, an authority might sell vacant HRA land to the private sector in return for rights to nominate tenants to some of the dwellings to be developed on the site. In such a case, the authority must work out what it would have received if the sale had been for cash and apply the pooling percentage to that amount.''
Until very recently, the Department not only missed the point but specifically intended that housing nomination rights as consideration should be captured. Will the Minister tell us what caused the change and when it occurred?