The CPA's Reform Engagement Briefing
When: Thursday 29 April 2021
Location: Virtual Forum
Timings: Registration: 12.30, Start: 12.35; Close: 14.30
CPD Hours: 2 Hours
Price: Free for CPA Members (£40 + VAT for Non Members)
Welcome and Introduction from the CPA Chair, Richard Asher
Early Independent Valuations
Where promoters or acquiring authorities fail to make a robust and fair compensation offer at an early stage, it can lead to division and conflict that ultimately costs more to resolve and sometimes only by way of a UT decision, which adds further costs, stress and delay. Could a system of Early Independent Valuations lead to faster, fairer outcomes for claimants and acquiring authorities alike?
Changing Behaviours through Constructive Engagement
Effective and constructive dialogue at an early stage is a proven strategy from best practice. How can the UK system be improved so that meaningful early engagement is embedded in the DNA of projects?
Compensation Assessments and The Red Book
The CPA Valuation Group have recommended changes to the Red Book regarding valuations for CPO purposes. What are they?
Temporary Possession powers were put on the statute books through the Neighbourhood Planning Act 2017, but require significant work and secondary legislation to bring them forward into practice. The CPA has been reviewing some of the key issues any subsequent legislation will need to address.
Other Issues being Considered for Reform
S10A of the Land Compensation Act 1961 is not fit for purpose:
- Section 10A (in respect of Expenses of owners not in occupation) in its current form the provision is not fit for purpose and creates a number of complications. The CPA is considering whether the government should repeal the provision.
Reversing Loss Payments:
- Investors have long benefitted from more generous statutory loss payments than those enjoyed by occupiers. Is this fair, or should the prescribed percentages and caps currently awarded be reversed so as to be more generous in favour of those who occupy their business properties?
Negative Equity and Compulsory Purchase:
- The Council of Mortgage Lenders (now UK Finance) were asked by HMT to find solutions for occupiers and owners trapped where compulsory acquisition would crystallise negative equity. For 2 years, nothing has moved forward, yet the problem remains. Is it now time for HMT to legislate?
- The Neighbourhood Planning Act made provision for improved and penal interest rates to be paid by acquiring authorities. Should proposals be implemented by HMT?
Stamp Duty Land Tax - Reform of Section 60 of the Finance Act 2003:
- Only one exemption applies for SDLT in the context of compulsory purchase. That exemption does not fit well with guidance on the advance acquisition of affected interests.
- Richard Asher FRICS, Savills (UK) Ltd; CPA Chair
- Jonathan Stott MRICS, Gateley Hamer
- Adrian Maher, aspireCP
- Keith Petrie, FG Burnett; CPA Scotland Chair
- Vicky Fowler, Gowling WLG (UK) LLP