Home Loss Payments
The thresholds for Home Loss Payments under the Land Compensation Act 1973 will be increased from 1 October 2015.
The Regulations are here: http://www.legislation.gov.uk/uksi/2015/1514/contents/made. The webpage also has a tab for the Explanatory Memorandum which contains all the background details.
Home loss payments are payable under the terms of the Land Compensation Act 1973 to owner-occupiers and tenants of dwellings displaced by compulsory purchase or public redevelopment. The Act provides flexibility to uprate the maximum and minimum levels and the flat rate. The thresholds are reviewed annually and as a result of this year’s review, the Government has decided to raise the maximum and minimum payment thresholds for owner-occupiers from £58,000 and £5,800 to £61,000 and £6,100 respectively. The flat rate paid to tenants has been raised from £5,800 to £6,100.