It is hoped that the regulations will come into force on 1 April 1995, following consultation.
Mr Curry said:
'We have today issued for consultation to the local authority associations and to local authorities the draft of regulations which the secretary of state for the environment proposes to make under Part IV of the Local Government and Housing Act 1989.
'The regulations provide:
- for two major relaxations in the rules governing local authority leasing of non-housing property, extending the revenue treatment of leases from 3 years to 10 years, and enabling capital finance cover to be transferred from one lease to another on surrender or assignment
- that notional capital receipts from disposals of assets to companies in return for shares will no longer require set aside
- that the reserved part of capital receipts from disposals of shares will be reduced from 75% to 50% if they were acquired before 10 March 1988 or acquired for the purposes of economic development, or if they are in a company connected with waste disposal or the provision of entertainment facilities.'