The Ports Act 1991 (Levy on Disposals of Land, etc.) Order 1992

4.—(1) Subject tosub-paragraph (2) below, paragraph (a) of section 32(1) of the 1979 Act shall, in relation to the computation of any gain accruing on the disposal of relevant land or a relevant interest in land (other than land or an interest in land acquired within the levy period), apply for the purposes of section 17 of the 1991 Act and this Order as if that paragraph referred, and referred only, to the market value of the land or interest disposed of for its existing use at the beginning of the levy period, that value being determined in accordance with valuation principles and methods provided for in paragraphs (7) and (8) of article 36 (and in this paragraph “existing use” means the purpose for which the land or interest is used at that time).

(2) This paragraph shall not apply in relation to any relevant land or relevant interest in land where there has, or there is to be regarded as having, been within the levy period a previous disposal of that land or interest from one member of the chargeable company’s group to another member of that group.