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09/04/2014
HS2 Compensation Announced For Homeowners
A new set of compensation packages for homeowners and businesses who will be located near the HS2 high-speed rail link have been unveiled.
The packages will be made available – even if those affected do not want to move from their property or premises, it is understood.
Under the new plans, the state would buy properties within 60 metres of the line at their full market value plus 10%. For homes up to 120 metres away, who do not want to move, they would be eligible for a payment of 10% of the home's value.
The changes are to be consulted, but are expected to be in force from next year.
For homes and small businesses up to 60 metres of the line, it is thought the state would buy up properties at the full unblighted market value, plus 10% (up to £47,000). For those within 60 and 120 metres of the line, again who do not wish to sell, the government would pay out a cash compensation of 10% of the market value, up to a maximum of £100,000. While those located within 120 and 300 metres would be offered between £22,500 to £7,500 on a sliding scale, based on distance from the line. The payments are said to be tax free.
Transport Secretary Patrick McLoughlin is quoted as saying: "I completely understand the concerns and anxieties of those living near the line and it is only right that those people are properly looked after.
"I believe this package of compensation and assistance will enable us to help people more. But I want to get it absolutely right, so I am asking for further views on some aspects before we finalise plans."
(CVS/JP)
The packages will be made available – even if those affected do not want to move from their property or premises, it is understood.
Under the new plans, the state would buy properties within 60 metres of the line at their full market value plus 10%. For homes up to 120 metres away, who do not want to move, they would be eligible for a payment of 10% of the home's value.
The changes are to be consulted, but are expected to be in force from next year.
For homes and small businesses up to 60 metres of the line, it is thought the state would buy up properties at the full unblighted market value, plus 10% (up to £47,000). For those within 60 and 120 metres of the line, again who do not wish to sell, the government would pay out a cash compensation of 10% of the market value, up to a maximum of £100,000. While those located within 120 and 300 metres would be offered between £22,500 to £7,500 on a sliding scale, based on distance from the line. The payments are said to be tax free.
Transport Secretary Patrick McLoughlin is quoted as saying: "I completely understand the concerns and anxieties of those living near the line and it is only right that those people are properly looked after.
"I believe this package of compensation and assistance will enable us to help people more. But I want to get it absolutely right, so I am asking for further views on some aspects before we finalise plans."
(CVS/JP)
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