[F1437BSection 437A: supplementaryU.K.
This section has no associated Explanatory Notes
(1)This section supplements section 437A.
(2)Market value is to be determined on the assumption of a disposal by an absolute owner free from all leases and other encumbrances (including any agreement or arrangement that is or includes a plant or machinery lease).
(3)If plant or machinery is a fixture, its market value is so much of the market value of the relevant land and the fixture together as is attributable to the fixture on a just and reasonable apportionment.
(4) “ Relevant land ” has the meaning given in section 173(2) of CAA 2001. ]
Textual Amendments
F1Ss. 437A-437C inserted (with effect in accordance with Sch. 6 para. 27 of the amending Act) by Finance Act 2011 (c. 11), Sch. 6 para. 22