Updated: Added government response to consultation.
The Academy Conversions (Transfer of School Surpluses) Regulations 2010 state when a local authority must transfer the financial surplus of a predecessor school to an academy when it converts. We are consulting on replacing these regulations with a new set on 1 January 2014.
The proposed Academy Conversions (Transfer of School Surpluses) Regulations 2013 will provide extended timescales to enable accounts to be closed down successfully, to provide absolute closure where requests for reviews are not received in time, and to provide arrangements for splitting balances at federated schools.
The accompanying letter to this consultation seeks views from finance contacts in all English local authorities and other interested parties on these proposals.