Overview

This bill proposes a new system of council tax valuation bands in England for properties bought or sold after April 1st, 2000. The aim is to create a fairer system of council tax based on updated property values.

Description

The bill introduces eight new council tax valuation bands based on property prices. These bands will apply to all dwellings in England bought or sold after April 1st, 2000. Properties bought before this date will remain in the existing system. The new bands are: (a) below £250,000; (b) £250,001-£500,000; (c) £500,001-£1,000,000; (d) £1,000,001-£2,000,000; (e) £2,000,001-£5,000,000; (f) £5,000,001-£10,000,000; (g) £10,000,001-£20,000,000; and (h) over £20,000,001. The council tax within each band will be in a specific proportion to the others (6:8:16:24:36:48:100:250).

Government Spending

The bill doesn't directly specify changes to government spending. However, the redistribution of council tax based on the new bands could lead to increased revenue for some local authorities and decreased revenue for others, potentially impacting their budgets. No specific figures are provided in the bill.

Groups Affected

• Homeowners: Those who bought their homes after April 1st, 2000 will see their council tax potentially increase or decrease depending on the new valuation band and their property's value.
• Local Authorities: Their income from council tax could change significantly depending on the distribution of properties within the new bands. This may affect their ability to provide local services.
• Land Registry: The Land Registry's data will be used to determine the new valuation bands.

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