LAND VALUE CAPTURE

That this House welcomes the report of the Housing, Communities and Local Government committee on its inquiry into Land Value Capture published in September 2018 and the report on the inquiry undertaken by the All Party Group on Land Value Capture Capturing Land Value for the Public Benefit published in November 2018; notes the comments in recommendation 22 of the HCLG Committee report that a truly efficient and equitable system of land value capture should not focus solely on new developments, but should also address how existing properties benefit from development and particularly from public investments in local infrastructure; endorses the call of the Committee on the Government to commission a cross-departmental project to consider how this wider goal might be achieved reporting back to the committee by September 2019; further notes the conclusions and recommendations of the APPG on Land Value Capture report that the capture of land value for the public benefit include greater devolution of land value capture mechanisms to mayoral and local authorities, reform of the 1961 Land Compensation Act to provide for public acquisition of land at close to existing use values, replacement of business rates with a system based on site value rating, and the making of council tax more proportional to land rental values; and calls on the Government to take the findings of the APPG inquiry into consideration in reporting back to the HCLG committee.