F1SCHEDULECalculation of the sub-liability

3.

(1)

The buy back allowance for the relevant quarter means (subject to paragraph 10) 50% of the relevant costs of buying back relevant interest in the relevant quarter where—

(a)

“relevant costs” means the expenditure incurred by the authority in the relevant quarter 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 quarter is calculated as follows—

  • F2(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.