{
  "url": "https://openlegislation.uk/valuation-for-rating-decapitalisation-rate-regulations-northern-ireland-2015/note",
  "json_url": "https://openlegislation.uk/valuation-for-rating-decapitalisation-rate-regulations-northern-ireland-2015/note.json",
  "legislation": "nisr/2015/32",
  "legislation_title": "The Valuation for Rating (Decapitalisation Rate) Regulations (Northern Ireland) 2015",
  "legislation_url": "https://openlegislation.uk/valuation-for-rating-decapitalisation-rate-regulations-northern-ireland-2015",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations prescribe the decapitalisation rate to be applied when determining the net annual value of any hereditament by reference to the contractor’s principle for the purposes of any NAV list coming into force on or after 1st April 2015. The contractor’s principle is the method of ascertaining the net annual value of a hereditament by reference to its actual or notional cost of construction or provision or to its capital value.\nThe decapitalisation rate is 2.67% in the case of a church hereditament, educational hereditament or healthcare hereditament, all of which are defined in regulation 2, and 4% in any other case. These Regulations have the effect of moving defence hereditaments from the lower of the two decapitalisation rates to the higher rate following consultation on this issue.\nThese Regulations revoke the Valuation for Rating (Decapitalisation Rates) Regulations (Northern Ireland) 2009 made to take effect for the 2010 non-domestic revaluation which was subsequently cancelled.\nThe corresponding decapitalisation rates for the purposes of the valuation list which came into force on 1st April 2003 were 3.67% and 5.5% respectively and provision is made for those rates to continue to have effect in relation to that list.",
  "extent": "N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/nisr/2015/32/note",
    "retrieved_at": "2026-10-29T01:04:07.220261+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."
}