Ms Claragh Mulhern:

Not on the basis of transactions. We considered various options and designs for the measure over the course of the past year and concluded the problem with relying on transactions is that they happen outside the local government system. We were also concerned about the potential for loopholes or avoidance. The scheme is based on the valuation of the land with the benefit of zoning. Since it relates to a zoning uplift, it is about ascertaining the difference between the existing-use value of the land – it could be land used for agricultural purposes – and the market value of the land with the benefit of zoning for residential development. It is the difference between those two values that gives the baseline for the obligation.