Paragraph 11 Exceptions: compensation based on market value

England and Wales

(1)

Where the Welsh Ministers consider that the data to calculate the average market price in accordance with paragraph 10 are inadequate, the Welsh Ministers may pay compensation—

(a)

for animals in that category, at the most recent previously calculated average price for which there was sufficient data to calculate the average price; or

(b)

for the individual animal, at the market value.

(2)

For buffalo or bison, compensation is the market value.

(3)

For the purposes of this paragraph, the market value is the price that would reasonably be expected to have been obtained for the animal from a buyer in the open market at the time of the valuation, and on the assumption that the animal was not affected by a TSE.

(4)

Where the owner and the Welsh Ministers cannot agree on a market value for the purposes of this paragraph, the valuation must be carried out in accordance with the procedure laid down in regulation 12(3) to (7) with the owner paying any valuation fee arising.