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Paragraph 35 Annual valueI1

England and Wales Not yet in force

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

“Annual value” means—

(a)

in the case of a hereditament that is shown in a local non-domestic rating list (“the list”), the value mentioned in sub-paragraph (2) or (3);

(b)

in the case of any other hereditament, the value attributable to that hereditament under sub-paragraphs (4) and (5).

(2)

If the hereditament does not include domestic property or property exempt from local non-domestic rating, the value is that shown in the list as the rateable value of that hereditament.

(3)

If the hereditament includes domestic property or property exempt from local non-domestic rating, the value is the sum of—

(a)

the value shown in the list as the rateable value of that hereditament, and

(b)

the value attributable to the non-rateable part of that hereditament in accordance with sub-paragraphs (4) and (5).

(4)

In the case of domestic property, the value attributable to a hereditament, or to the non-rateable part of it, is the value certified by the relevant valuation officer as being 5% of the compensation that would be payable in respect of the value of that property if—

(a)

it were acquired compulsorily in the exercise of a statutory power with vacant possession, and

(b)

the compensation payable were calculated in accordance with Part 2 of the Land Compensation Act 1961 (c. 33).

(5)

In the case of property exempt from local non-domestic rating, the value attributable to a hereditament, or to the non-rateable part of it, is the value certified by the relevant valuation officer as being the value that would have been shown as the rateable value of that property if it were a relevant non-domestic hereditament consisting entirely of non-domestic property, none of which was exempt from local non-domestic rating.

(6)

In sub-paragraphs (4) and (5), “relevant valuation officer” means the valuation officer appointed under section 61 of the Local Government Finance Act 1988 (c. 41) for the billing authority in whose area the hereditament is situated.

(7)

Expressions used in this paragraph have the same meaning as in Part 3 of the Local Government Finance Act 1988.

Annotations

Commencement

I1

Sch. 19 para. 35 not in force at Royal Assent, see s. 409(2)