Investing local government pension funds in infrastructure
Avid readers of Walker Morris updates may recall that we have written about this issue previously, first in 2010 and again last year. The government has now agreed with our view that, with the demise of the private finance initiative, new ways of investing in regeneration schemes are needed, and has recently changed the legislation to make it easier for local government pension funds to invest in infrastructure projects.
This is an updated version of last year’s article because it is still worth reiterating that local government pension schemes need to be mindful of the legal framework governing what and how they can invest. Recently, local government minister Brandon Lewis announced a consultation will take place later this year on the Local Government Pension Scheme arrangements that includes a root-and-branch review of the current investment regulations so there may be further relaxation in the future…
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HMRC has updated Notice 700/56 (the Notice), sections 2 and 17 of which refer to LPA receivers.
The relief is available at the discretion of the relevant local authority under the powers granted to it at section 47 of the Local Government Finance Act 1988.
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