Paragraph 5

The 3-year average price for ewes shall be subject to adjustment by the valuer within the limits of 20 per cent (in the case of leases entered into before 15th May 1963, 50 pence) upwards or downwards as he may think proper having regard to the general condition of the stock under valuation and to the profit which the purchaser may reasonably expect it to earn. The resultant figure shall be the basis of the valuation of the ewes, and is in this Part of this Schedule referred to as the “basic ewe value”.

The valuer shall similarly adjust the 3 year average price for lambs, and the resultant figure shall be the basis for the valuation of the lambs and is in this Part of this Schedule referred to as the “basic lamb value”.