Paragraph 3 F1

(1)

The buy back allowance for the F2relevant financial year means 50% of the relevant costs of buying back a relevant interest in the relevant financial year where—

(a)

“relevant costs” means the expenditure incurred by the authority in the relevant financial year including administrative and incidental costs; and

(b)

“relevant interest” means a freehold or leasehold interest in a dwelling—

(i)

that has previously been disposed of by the authority, another authority, a new town corporation, a housing action trust or an urban development corporation;

(ii)

that was not acquired pursuant to a compulsory purchase order; and

(iii)

was not acquired from a body of persons corporate or unincorporate.

(2)

The available buy back allowance in respect of a relevant financial year is calculated as follows—F3

(available buy back allowance for the previous quarter + buy back allowance for the relevant quarter) - available buy back allowance deducted in the previous quarter when calculating the sub-liability

Annotations

Textual amendments

F1: Sch. substituted (1.4.2013) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2013 (S.I. 2013/476), regs. 1(3), 4, Sch. (with reg. 7)
F2: Sch. para. 3: the words "relevant financial year" substituted for "relevant quarter" (30.6.2021) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2021 (S.I. 2021/611), regs. 1(2), 6(3)(a) (with reg. 7(3)) [Editorial note: For technical reasons the editorial team has been unable to carry out this substitution where the relevant words occur in formulas contained in image files.]
F3: Sch. para. 3(2): the words "previous financial year" substituted for "previous quarter" (30.6.2021) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2021 (S.I. 2021/611), regs. 1(2), 6(3)(b) (with reg. 7(3)) [Editorial note: For technical reasons the editorial team has been unable to carry out this substitution where the relevant words occur in formulas contained in image files.]

Notes on Schedule

Textual amendments

F2: Sch. Table A substituted (30.6.2021) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2021 (S.I. 2021/611), reg. 1(2), Sch. 1 (with reg. 7(3)(4)(6)(7))
F3: Words in Sch. Table A omitted (1.4.2023) by virtue of The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(7)(a)
F4: Words in Sch. Table A omitted (1.4.2023) by virtue of The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(7)(b)
F5: Words in Sch. Table A omitted (1.4.2023) by virtue of The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(7)(c)
F6: Words in Sch. Table A omitted (1.4.2023) by virtue of The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(7)(d)
F7: Words in Sch. Table A omitted (1.4.2023) by virtue of The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(7)(e)
F8: Words in Sch. Table A omitted (1.4.2023) by virtue of The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(7)(f)
F9: Sch. Table AA inserted (1.4.2023) by The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(8)
F10: Sch. Table B substituted (30.6.2021) by The Local Authorities (Capital Finance and Accounting) (England) (Amendment) Regulations 2021 (S.I. 2021/611), reg. 1(2), Sch. 2 (with reg. 7(3)(5)(7))
F11: Words in Sch. Table B omitted (1.4.2023) by virtue of The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(9)(a)
F12: Words in Sch. Table B omitted (1.4.2023) by virtue of The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(9)(b)
F13: Words in Sch. Table B omitted (1.4.2023) by virtue of The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(9)(c)
F14: Words in Sch. Table B omitted (1.4.2023) by virtue of The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(9)(d)
F15: Words in Sch. Table B omitted (1.4.2023) by virtue of The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(9)(e)
F16: Words in Sch. Table B omitted (1.4.2023) by virtue of The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(9)(f)
F17: Sch. Table BB inserted (1.4.2023) by The Local Government (Structural Changes) (Supplementary Provision and Amendment) Order 2023 (S.I. 2023/187), arts. 1, 7(10)