Paragraph 5

If, in the case of a hereditament vested in the Authority by virtue of section 14(1) of this Act, there is, in compliance with section 37(1) of the 1967 c. 9.General Rate Act 1967, entered in the valuation list immediately before the appointed day, as representing the rateable value of the hereditament, the value upon which is computed any contribution made by the Crown in lieu of rates, then there shall be ascribed in that list to the hereditament under section 19 of that Act a net annual value equal to the value so entered.

Where alterations fall to be made in a valuation list in consequence of the preceding sub-paragraph, the valuation officer shall cause those alterations to be made in the list without any proposal under section 69 of the General Rate Act 1967, and section 87 of that Act (duty of rating authority to give effect to directions as to alteration of a valuation list) shall have effect in relation to this paragraph as it has effect in relation to any provision of that Act.

Expressions used in this paragraph and in the General Rate Act 1967 have the same meaning in this paragraph as in that Act.