To collect data for the infrastructure funding statement, it is recommended that local authorities monitor data on section 106 planning obligations and the levy in line with the government’s data format. Where the charging authority retains the neighbourhood funding, they can use those funds on the wider range of spending that are open to local councils (see https://www.world-today-news.com/accountants-tips-for-effective-cash-flow-management-in-the-construction-industry/ ‘Can the levy be used to deliver Suitable Alternative Natural Greenspace?’, and regulation 59C). Where a neighbourhood plan has been made, the charging authority and communities should consider how the neighbourhood portion can be used to deliver the infrastructure identified in the neighbourhood plan as required to address the demands of development.
Where charging authorities collect the levy, they can use funds from the levy to recover the costs of administering the levy. Regulation 61, as amended by the 2014 Regulations allows them to spend up to 5% cent of their total levy receipts on administrative expenses. This is to ensure that the overwhelming majority of revenue from the levy is directed towards infrastructure provision. For each year when they have received neighbourhood funds through the levy, parish and town councils must publish the information specified in regulation 121B (a re-enactment of regulation 62A inserted by the 2019 Regulations). They should publish this information on their website or on the charging authority’s website.
Regulation 9 provides that each phase of a phased planning permission is a separate chargeable development for CIL purposes and therefore would be liable for separate payments for each phase, and each phased may benefit from any instalment policy that may be in force. This means that you cannot take account of development built as a result of the earlier permission, in order to reduce the CIL liability in a later section 73 permission. This is the case even if they have been in lawful use for a 6-month period at the time the latest section 73 permission is granted. The occupant of the dwelling will never pay clawback – liability falls on the owner of the land immediately prior to the dwelling being made available for occupation. For dwellings granted social housing relief under regulations 49 (“First Homes”) and 49A the clawback period ends with the day on which the dwelling is first sold (regulation 2 as amended by the 2020 (No. 2) Regulations. Landowners are ultimately liable for the levy, but anyone involved in a development may take on the liability to pay.
Recoverable amount is defined as the higher of the amount that could be obtained by selling the asset and the amount that could be obtained through using the asset . Value in use is calculated by forecasting the cash flows that the asset is expected to generate and discounting them to their present value. Where individual assets do not generate independent cash flows, a group of assets (an income-generating unit) is tested for impairment.
The principle of phased delivery must be expressly set out in the planning permission. Local authorities should work positively with developers to allow such developments to be delivered in phases. Where no one has assumed liability and the authority has determined a deemed commencement date, then payment is due in full on the deemed commencement date (see regulation 71). Where no one has assumed liability, but a commencement notice has been submitted , then payment is due in full on the intended commencement date (see regulation 71). To address this situation, regulation 69A allows a person who has been served with a demand notice to ask their collecting authority to suspend it.
This might be possible, for example, where the scale of the buildings on the development is known because it is not one of the reserved matters. In this case, the liability should be calculated by deducting the notional liability for the pre-CIL outline permission from the liability for the new section 73 permission. The notional liability for the pre-CIL outline permission should be calculated as if it had been granted on the same day as the in-CIL section 73 permission. To qualify for social housing relief, the claimant retail accounting must own a material interest (defined in regulation 4) in the relevant land and have assumed liability to pay the levy for the whole chargeable development. For this to apply, the neighbourhood plan must have been made before a relevant planning permission first permits development . Charging authorities can choose to pass on more than 25% of the levy, although the wider spending powers that apply to the neighbourhood funding element of the levy will not apply to any additional funds passed to the parish.
Balancing assets and liabilities enables businesses to maintain healthy free cash flow and cover their operational expenses. Liabilities are the debts and obligations that detract from a company’s total value, which have to be paid over a certain period of time. The form of the debt can vary – common examples include business expenses, loans, unearned revenues or legal obligations.
Liabilities are the legal debts a company owes to third-party creditors. They can include accounts payable, notes payable and bank debt. All businesses must take on liabilities in order to operate and grow. A proper balance of liabilities and equity provides a stable foundation for a company.
The draft Reporting Statement, therefore, proposed disclosures that would complement those disclosures required by the amended FRS 17. The statementPreliminary Announcements provided guidance which is intended to supplement the requirements concerning preliminary announcements in the Listing Rules. When the statement was issued in 1998 the publication of preliminary announcements was a requirement, but the issuance of them has since been made voluntary. The statement has been replaced by the FRC’s Guidance on the Strategic Report which was issued in June 2014.