# Land Development Values (Compensation) Act (Northern Ireland) 1965, Section 2: Meaning of “unrestricted” and “restricted” value.


(1) Subject to section 3, in this Part—
(a) the unrestricted value of any land is the value that a fee simple absolute in possession in the land would have had on 25th February 1963;
(b) the restricted value of any land is the value that such a fee simple would have had on 25th February 1963 if computed on the assumption that planning permission would have been granted for any development of that land of a class specified in Schedule 1, but would not have been granted for any other development.
(2) Schedule 2 shall have effect for the purpose of specifying the general classes referred to in paragraph 6 of Schedule 1.

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Source: https://www.legislation.gov.uk/apni/1965/23/section/2 (the official version)
Page: https://openlegislation.uk/land-development-values-compensation-act-northern-ireland-1965/section-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.