Citation, commencement, application and interpretation (of the 2003 Regulations)4

In regulation 1(5)—

a

omit the definitions of “available Social HomeBuy allowance” and “Social HomeBuy disposal”;

b

after the definition of “the National Association of Local Councils” insert—

  • “notifiable allowance” means the amount notified by the local authority to the Secretary of State in compliance with regulation 3 of the Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No.2) Regulations 20123;

  • “poolable amount” means the sum of the specified amounts calculated from capital receipts received by the local authority in the quarter and the sub-liability calculated for the quarter;

c

after the definition of “qualifying disposal” insert—

  • “quarter” means one of the following periods—

    • 1st April to 30th June

    • 1st July to 30th September

    • 1st October to 31st December

    • 1st January to 31st March;

d

after the definition of “relevant disposal period” insert—

  • “relevant quarter” means the quarter in respect of which payment under regulation 12 must be made on the next due date;

e

after the definition of “secure tenant” insert—

  • “shared ownership lease” means a lease of a dwelling granted on payment of a premium calculated by reference to a percentage of the market value of the dwelling;

f

after the definition of “the Society of Local Council Clerks” insert—

  • “specified amount” means the amount calculated in accordance with regulation 14;

  • “sub-liability” means the amount calculated in accordance with in paragraph 9 of the Schedule; and

  • “the 2011-2012 buy back reduction” means the amount calculated in compliance with regulation 3 of the Local Authorities (Capital Finance and Accounting) (England) (Amendment) (No 2) Regulations 2012.