# The Local Authorities (Capital Finance and Accounting) (England) Regulations 2003, Paragraph 3


(1) The buy back allowance for the relevant 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—
(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.

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Source: https://www.legislation.gov.uk/uksi/2003/3146/schedule/paragraph/3 (the official version)
Page: https://openlegislation.uk/local-authorities-capital-finance-and-accounting-england-regulations-2003/schedule/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.