The Ports (Levy on Disposals of Land, etc.) Order (Northern Ireland) 1997

5.—(1) Subject to sub-paragraph (2), section 38(1)(a) of the 1992 Act shall, in relation to the computation of any gain accruing on the disposal of relevant land or a relevant estate in land (other than land or an estate in land acquired within the levy period), apply for the purposes of Article 19 of the 1994 Order as if that paragraph referred, and referred only, to the market value of the land or estate 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 Article 36(7) and (8) (and in this paragraph “existing use” means the purpose for which the land or estate is used at that time).

(2) This paragraph shall not apply in relation to any relevant land or relevant estate 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 estate from one member of the chargeable company’s group to another member of that group.