SCHEDULES

SCHEDULE 12BASIS OF VALUATION

PART IGENERAL RULE

F1Capital value – the assumptions

Annotations:
Amendments (Textual)
F1

Sch. 12 paras. 7-16 and preceding cross-headings for paras. 7, 8-15, 16 inserted (1.12.2006) by Rates (Amendment) (Northern Ireland) Order 2006 (S.I. 2006/2954 (N.I. 18)), arts. 1(3), 8(2); S.R. 2006/464, art. 2(2), Sch. 2 (with transitional provisions in S.R. 2006/468, art. 3(1), Sch.)

8

In this paragraph and paragraphs 9 to 15—

  • “development” has the meaning given by Article 2(2) of the Planning Order;

  • “flat”, in relation to a building, means a dwelling which is a separate set of premises, whether or not on the same floor, divided horizontally from some other part of the building;

  • “incumbrance” means any incumbrance, whether capable of being removed by the seller or not, except service charges;

  • “permitted development” means development for which planning permission is not required or for which no application for planning permission is required;

  • “Planning Order” means the Planning (Northern Ireland) Order 1991 (NI 11);

  • “planning permission” has the meaning given by Article 2(2) of the Planning Order;

  • “rentcharge” has the meaning given by section 27(1) of the Ground Rents Act (Northern Ireland) 2001 (c. 5).