(This note is not part of the Regulations)
These Regulations increase the amount of home loss payments payable under section 30 of the Land Compensation Act 1973 (“the Act”). A person is entitled to a home loss payment when he is displaced from a dwelling by compulsory purchase or in the other circumstances specified in section 29 of the Act.
Section 30(1) of the Act provides that in cases where a person occupying a dwelling on the date of displacement has an owner's interest, the amount of home loss payment is calculated as a percentage of the market value of the interest, subject to a maximum and minimum amount.
Section 30(2) specifies the amount of the home loss payment in any other case.
Regulation 2(2)(a) of these Regulations increases the maximum amount payable under section 30(1) of the Act from £40,000 to £44,000 and regulation 2(2)(b) increases the minimum amount from £4,000 to £4,400.
Regulation 2(3) increases the home loss payment under section 30(2) of the Act from £4,000 to £4,400.
These increases have been calculated by reference to the Department for Communities and Local Government's house price index, which varies in line with changes to house prices.
The revised amounts apply where the displacement occurs on or after 1st September 2007.
Regulation 3 revokes, with savings, the Home Loss Payments (Prescribed Amounts) (England) Regulations 2006.
A full regulatory impact assessment has not been produced for these Regulations, as they put into effect an annual up-rating in line with house price inflation.