Article 36 Disposal statements
On or before each annual reporting date a chargeable company shall furnish to the appropriate Minister a statement (in this article referred to as a “disposal statement”), in such form as the appropriate Minister may require, in respect of the disposal period to which that anual reporting date relates.
A disposal statement shall give the information specified in Schedule 3 to this Order in sufficient detail to give a true and fair view of the matters there mentioned and, in particular, shall—
as to matters of fact, be accurate and complete in all material respects; and
as to matters of opinion, be based on reasonable assumptions.
A disposal statement shall be approved by the board of directors of the chargeable company and signed by two directors on behalf of the board.
A disposal statement shall be accompanied by a report by the company’s auditors from time to time stating—
whether in the auditors' opinion the disposal statement has been properly prepared in accordance with this Order; and
whether they have obtained all the information and explanations which, to the best of their knowledge and belief, are necessary for the purpose of making their report.
In a case to which paragraph 4(1) of Schedule 2 applies, the chargeable company shall send to the appropriate Minister with each disposal statement a valuation of the base value for each disposal in the disposal period to which the disposal statement relates (not being a disposal of land or of an interest in land acquired during the levy period); and for this purpose “base value” means the sum which, under subsection (1) (a) of section 32 of the 1979 Act as applied for the purposes of section 17 of the 1991 Act and this Order, is attributable to the land or interest in land which is the subject of the disposal: Provided that, where such a valuation has previously been sent to the Minister in connection with a part disposal of the same land or interest, the chargeable company is not required to send a further valuation.
A valuation sent in pursuance of paragraph (5) above (referred to in this article as a “valuation”) shall have been made by a Fellow or an Associate of the Royal Institution of Chartered Surveyors experienced in valuing land of the same or a similar kind to that disposed of, not being a director or employee of or adviser to any member of the chargeable company’s group.
A valuation shall be made in accordance with the Statements of Asset Valuation Practice and Guidance Notes (3rd edition, August 1990, as amended in April 1991 and September 1991) published by the Royal Institution of Chartered Surveyors.
For the purpose of enabling the person making a valuation to make it, the chargeable company shall provide him with any earlier relevant valuation, documents or records in its possession such as are mentioned in article 39; and a valuation shall include a statement reconciling the base value attributed by it with the value ascribed to the land or interest (or to any land or interest in land of which that land or interest in land forms or formed part) in any earlier valuation such as is there mentioned.