(1)As from the appointed day the provisions of the Rating and Valuation Acts relating to the ascertainment of the values of hereditaments shall, save as expressly provided by this Act, cease to apply in the case of railway hereditaments in England occupied by a railway company to which this Act applies, and the values for rating purposes of all such hereditaments shall be the values thereof as ascertained in accordance with the provisions of this Act.
(2)The railway companies to which this Act applies are the several amalgamated companies constituted under the [11 & 12 Geo. 5. c. 55.] Railways Act, 1921, and the Metropolitan Railway Company, and any other railway company to which it is applied by a scheme submitted and approved in accordance with the provisions contained in the First Schedule to this Act.
(3)For the purposes of this Act—
" Railway company " means (except in the First Schedule to this Act) a railway company to which this Act for the time being applies;
" Undertaking " in relation to a railway company includes, in addition to the principal undertaking of the company—
any canal, dock or harbour undertaking carried on by the company;
any subsidiary or ancillary undertaking carried on by the company, not being a road-transport, sea-transport or air-transport undertaking; and
the share of the company in any joint undertaking carried on by, or on behalf of, two or more railway companies not being a road transport, sea transport or air transport undertaking;
but, save as aforesaid, does not include the share of the company in any joint undertaking;
" Railway hereditament " means, subject as hereinafter provided, any hereditament occupied for the purposes of the undertaking of a railway company :
Provided that no premises occupied as a dwelling-house, hotel or place of public refreshment, or so let out as to be capable of separate assessment, shall be deemed to be, or to form part of, a railway hereditament.