The Act removes the requirements in the Local Government Finance Act 1992 for there to be a revaluation of domestic properties, in England, for council tax purposes on 1 April 2007, and at 10 yearly intervals thereafter. It provides new powers to set a future date for revaluation by order so that it can be part of a fully developed package of funding reforms, taking full account of the work of Sir Michael Lyons' inquiry onto Local Government Funding