PART IIIVALUATION LISTS
General provisions as to valuation listsI111
1
In Article 40 of the principal Order (general provisions as to valuation lists), for paragraphs (1) and (2) there shall be substituted the following paragraphs—
1
The Commissioner shall maintain the following lists prepared, and from time to time altered, by him in accordance with this Part—
a
a list of hereditaments required to be valued upon an estimate of their net annual value (in this Order referred to as a NAV list);
b
a list of hereditaments required to be valued upon an estimate of their capital value (in this Order referred to as a capital value list).
2
There shall be entered in a NAV list in respect of each hereditament which is required to be valued as mentioned in paragraph (1)(a)—
a
its net annual value; and
b
such other particulars as the Department may determine.
2A
There shall be entered in a capital value list in respect of each hereditament which is required to be valued as mentioned in paragraph (1)(b)—
a
its capital value; and
b
such other particulars as the Department may determine.
2B
Paragraphs (2) and (2A) are without prejudice to the provisions of this Part and subject to any other statutory provision.
2
Article 40 of the principal Order shall be further amended as follows—
a
in paragraph (4), after the words “net annual value” there shall be inserted the words “
or the capital value
”
;
b
in paragraph (5), for the words “valuation list” in both places where they occur there shall be substituted the words “
NAV list or capital value list
”
;
c
in paragraph (7)—
i
for the word “list” in each place where it occurs there shall be substituted the word “
lists
”
;
ii
after “6(3)(b),” there shall be inserted “
(4) or (5),
”
;
iii
for the word “values” in the first place where it occurs there shall be substituted the words “
net annual values or capital values
”
;
d
in paragraph (8)—
i
for “6(3)(b)(i)” there shall be substituted “
6(4)
”
;
ii
for the word “list” in the first place where it occurs there shall be substituted the word “
lists
”
;
iii
for the words “that list” in both places where they occur there shall be substituted the words “
those lists
”
.
3
In Article 2(2) of the principal Order (interpretation)—
a
after the definition of “building” there shall be inserted the following definitions—
“capital value” shall be construed in accordance with Article 39;
“capital value list” has the meaning given by Article 40(1)(b);
b
after the definition of “modify” there shall be inserted the following definition—
“NAV list” has the meaning given by Article 40(1)(a);
c
in the definition of “new valuation list”, for the words from “a valuation list” to the end there shall be substituted the words “
a new valuation list published under Article 45(1)
”
;
d
in the definition of “valuation list”, for the words from “has the meaning” to the end there shall be substituted the words “
means a capital value list or a NAV list
”
;
e
in the definition of “the valuation list”, for “list” in the second place where it occurs there shall be substituted the word “
lists
”
.
4
In Article 2(4) of the principal Order, for the word “the” in the first, third and fifth places where it occurs there shall be substituted the word “
a
”
.
5
Subject to paragraph (6), the valuation list in force immediately before the commencement of paragraph (1) shall continue in force as a NAV list under Article 40(1)(a) of the principal Order (until it is superseded as mentioned in Article 40(5) of that Order) so far as it relates to hereditaments required to be valued upon an estimate of their net annual value.
6
Where, immediately before the commencement of paragraph (1), an apportionment under Article 44(2) of the principal Order is shown in that list in respect of a hereditament, the value shown as apportioned to the use of the hereditament for purposes other than the purposes of a private dwelling shall be deemed to be the net annual value of the hereditament shown in that list as continued in force under paragraph (5) (subject to any alteration of that list).