Paragraph 18

(1)

Amend Article 39 (basis of valuation) as follows.

(2)

In paragraph (2)—

(a)

for “Articles 39A and 39B” substitute “Article 39A”;

(b)

after “net annual value” insert “or the capital value”.

(3)

In paragraph (3)—

(a)

for “Where” substitute “Subject to paragraph (4), where”;

(b)

after “net annual value” in both places where it occurs insert “or the capital value”.

(4)

After paragraph (3), add the following paragraph—

“(4)

Sub-paragraphs (b) and (c) of paragraph (3) shall not apply to orders under paragraph 7(4) or 12(3) of Part I of Schedule 12.”.