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Finance Act 1972
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- UK Public General Acts
- 1972 c. 41
- SCHEDULE 26
- PART III
- Appropriate value
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Appropriate value
18The appropriate value of any property bearing its own duty is its principal value.
19Where property does not bear its own duty then—
(a)if the property is property falling within paragraph (b) or (c) of subsection (1) of the principal section, its appropriate value is the aggregate of—
(i)its principal value, so far as it does not exceed the limit mentioned in that paragraph as reduced under paragraph 20 below ; and
(ii)the grossed-up equivalent of the remainder ; and
(b)if it is property not falling within that subsection its appropriate value is the grossed-up equivalent of its principal value.
20Where property specifically given and bearing its own duty falls within paragraph (b) or (c) of subsection (1) of the principal section the limit mentioned therein shall for the purposes of paragraph 19 above be reduced by the principal value of that property (and accordingly shall for those purposes be nil if it is equalled or exceeded by that principal value).
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