Regulation 3 Calculation of the notifiable allowance and the 2011-2012 buy back reduction
(1)
On 31st March 2012, local authorities must calculate—
(a)
the notifiable allowance which shall be the total of—
(i)
the available capital allowance under regulation 15 of the 2003 Regulations; and
(ii)
the available Social HomeBuy allowance under regulation 16A of the 2003 Regulations; and
(b)
the 2011-2012 buy back reduction which shall be the sum of the reductions calculated under regulation 19 of the 2003 Regulations during the period 1st April 2011 to 31st March 2012.
(2)
Local authorities must notify the Secretary of State of the notifiable allowance and the 2011-2012 buy back reduction on or before 31st July 2012 or such later date as notified by the Secretary of State.