Ministry of Housing, Communities and Local Government written question – answered at on 19 March 2018.
To ask the Secretary of State for Housing, 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.
Under the reinvigoration of the Right to Buy in 2012, councils were able, for the first time, to keep the receipts from additional sales. This has raised over £2 billion for councils to reinvest in new affordable housing. As part of the self-financing settlement with councils in 2012, a proportion of Right to Buy receipts (20 per cent of the national total) are paid to the Treasury, to help address the deficit in the nation’s finances.
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