|Community Land Act (UK)|
This Act, passed in 1975, envisaged local authorities becoming, by stages, monopoly landowners in development land. Its purpose was to 'restore to the community the increase in the value of land arising from its efforts'. The 'First Appointed Day' made in 1976 under the Act empowered tlie local authorities to acquire land by compulsory purchase. The local authorities were enabled to buy land free of a new development land tax and sell it again at the full market price. (The development land tax came into operation in 1976, and is currently set at 60 per cent.) The philosophy of the Community Land Act has a long history; most immediately, that of the Land Commission, which was set up in 1967 and lasted until 1971, primarily to - collect a betterment levy charged on 'socially created values', hut also to acquire and control the supply of potentially developable land. Similarly in 1947 a Central Land Board had been set up by the Town and 'Country Planning Act which taxed development renta) profits by 100 per cent.
|Reference: The Penguin Dictionary of Economics, 3rd edt.|