Housing Revenue Accounts:Written question - 64700

Q
Asked by John Healey
(Wentworth and Dearne)
Asked on: 21 February 2017
Department for Communities and Local Government
Housing Revenue Accounts
Commons
To ask the Secretary of State for Communities and Local Government, what discussions he has had with the Chancellor of the Exchequer on the amount that councils are required to pay back in right to buy receipts; and if he will make a statement.
A
Answered by: Gavin Barwell
Answered on: 01 March 2017

Ministers and officials from my department hold regular discussions with HM Treasury. The 2012 reinvigorated Right to Buy scheme increased maximum discounts to realistic levels and, for the first time ever, introduced a requirement that for every additional sale, a new affordable home will be provided nationally. Local authorities are able to keep the receipts from additional Right to Buy sales to fund replacement affordable housing.

Since the reform of the Housing Revenue Account and the introduction of Self-Financing in April 2012, a proportion of receipts are paid to Treasury, as part of addressing the deficit in the nation’s finances.

The below figures show the total Right to Buy receipts paid to the Secretary of State since 2012/13.

Financial Year

Receipts Paid to Secretary of Sate

2012-13

£127,754,355

2013-14

£170,644,428

2014-15

£179,746,367

2015-16

£222,321,001

2016-17*

£103,602,532

Total

£804,068,683

*quarters 1&2 only

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