{
  "url": "https://openlegislation.uk/rates-consequential-provisions-order-northern-ireland-2007/schedule-2/paragraph-5",
  "json_url": "https://openlegislation.uk/rates-consequential-provisions-order-northern-ireland-2007/schedule-2/paragraph-5.json",
  "legislation": "nisr/2007/192",
  "legislation_title": "The Rates (Consequential Provisions) Order (Northern Ireland) 2007",
  "legislation_url": "https://openlegislation.uk/rates-consequential-provisions-order-northern-ireland-2007",
  "path": "schedule/2/paragraph/5",
  "kind": "paragraph",
  "number": "5",
  "heading": null,
  "text": "The Valuation for Rating (Decapitalisation Rate) Regulations (Northern Ireland) 2003 shall be amended as follows—\n(a) in regulation 2(1) for the definition of “capital value” substitute “in relation to a hereditament means the price which a willing seller would reasonably expect to realise for the fee simple absolute in possession in the hereditament, in its actual state and with vacant possession, at the time by reference to which the estimate of net annual value falls to be made, on the assumption that there was then an adequate supply of similar properties available to meet a reasonable demand”;\n(b) in regulation 3, for “valuation” there shall be substituted “NAV”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "S.R. 2003 No. 30"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/nisr/2007/192/schedule/2/paragraph/5",
    "retrieved_at": "2026-10-29T01:41:22.671425+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}