Housing Act 1996

24 The disposal proceeds fund.E+W

(1)A registered social landlord shall show separately in its accounts for any period ending after the coming into force of this section its net disposal proceeds.

(2)The net disposal proceeds of a registered social landlord are—

(a)the net proceeds of sale received by it in respect of any disposal of land to a tenant—

(i)in pursuance of the right conferred by section 16 [F1above or section 180 of the Housing and Regeneration Act 2008] (right of tenant to acquire dwelling), or

(ii)in respect of which a grant was made under section 21 (purchase grant in respect of other disposals);[F2or

(iii)in respect of which a grant was made under section 19 of the Housing and Regeneration Act 2008 in respect of discounts given by it on the disposal to the tenant;]

(b)payments of grant received by it under section 20 or 21 (purchase grant);

[F3(ba)payments of grant received by it under section 19 of the Housing and Regeneration Act 2008 in respect of discounts given by it on disposals of dwellings to tenants;]

(c)where any [F4grant as mentioned in paragraph (b) or (ba)] has been paid to it, any repayments of discount in respect of which the grant was given; and

(d)such other proceeds of sale or payments of grant (if any) as [F5the Welsh Ministers] may from time to time determine.

(3)The net proceeds of sale means the proceeds of sale less an amount calculated in accordance with a determination by [F5the Welsh Ministers].

(4)The disposal proceeds shall be shown in a fund to be known as a disposal proceeds fund.

(5)The method of constituting the fund and showing it in the landlord’s accounts shall be as required by determination of [F5the Welsh Ministers] under paragraph 16 of Schedule 1 (general requirements as to accounts).

(6)Interest shall be added to the fund in accordance with a determination made by [F5the Welsh Ministers].

(7)Where this section applies in relation to the proceeds of sale arising on a disposal, section 27 below (recovery, &c. of social housing grants) and section 52 of the M1Housing Act 1988 (recovery, &c. of grants under that Act and earlier enactments) do not apply.