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I'm pretty sure it's along those lines.
An out and back route is fine for example, and so a circular route could be done in reverse, as it then becomes an out and back route effectively.
The key thing is you don't travel the same road in the same direction more than once.
There is an unofficial rule which appears to be as follows - "taketh not the piss"
So if it uses 200m of the same road in a 200km route, I'm sure that would be fine. Riding halfway up the A303 and back again twice would not.
I seem to remember a reg (perhaps incorrectly) that you can't repeat it as a loop, but you can reverse the direction to get two runs in and that's legit (so once clockwise, once anti-clockwise).