Origins of The Inquiry
While local government activities in England are financed from a variety of sources, including central government grant, the key local taxes since 1992 have been the uniform business rate (set centrally but collected locally) and council tax. Both are property taxes, based on the rental or resale value of a property at a given point in time.
The Local Government Act 2003 introduced a commitment to revalue all domestic properties in England and Wales, for the purposes of calculating council tax bills, by 2007. This would have been the first revaluation to take place since council tax was introduced in 1993.
Following that Act, the Government commissioned a Balance of Funding review, which reported with recommendations in July 2004. At the same time, a House of Commons Select Committee conducted an inquiry into local government revenue, again reporting their conclusions in July 2004.
Read more about this topic: Lyons Inquiry
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