PART 3

3.  The Planning Blight Regulations (Northern Ireland) 1989(14) shall be amended as follows—

(a) in the Schedule, for “£2,250” where it appears there shall be substituted “£2,100,000”

PART 4

4.  The Housing Investment Trusts (Assured Tenancies) Regulations (Northern Ireland) 1996(15) shall be amended as follows—

(a) in Part I of the Schedule—

(i) in paragraph 2—

(aa) in the heading for the words “net annual” substitute “capital”;

(bb) for “net annual value” there shall be substituted “capital value”;

(cc) for “£750” there shall be substituted “£750,000”;

(ii) in paragraph 3, for “two-thirds” there shall be substituted “0.1087 per cent.”.

(b) in Part II of the Schedule—

(i) for part heading “Net Annual Values” there shall be substituted “Capital Values”;

(ii) in paragraph 9(1)—

(aa) for “net annual value” there shall be substituted “capital value”;

(bb) in sub-head (a) for “net annual value”, in both places where it occurs, there shall be substituted “capital value” and for “the valuation list” there shall be substituted “a capital value list”;

(cc) in sub-head (b) for “net annual value” there shall be substituted “capital value”;

(iii) in paragraph 10—

(aa) for “net annual value”, wherever it occurs, there shall be substituted “capital value”;

(bb) for “valuation list” wherever it occurs there shall be substituted “a capital value list”.

(iv) after paragraph 10 insert—

“(11) In these Regulations—

(a) “capital value” means capital value for the purposes of the Rates (Northern Ireland) Order 1977 and shall be construed in accordance with Article 39 of that Order;

(b) “capital value list” has the meaning given by Article 40(1)(b) of the Rates (Northern Ireland) Order 1977.”.

PART 5

5.  The Valuation for Rating (Decapitalisation Rate) Regulations (Northern Ireland) 2003(16) shall be amended as follows—

(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”;

(b) in regulation 3, for “valuation” there shall be substituted “NAV”.

PART 6

6.  The Valuation (Electricity) Order (Northern Ireland) 2003(17) shall be amended as follows—

(a) In Article 2 (interpretation) in the appropriate places insert—

““capital value” means capital value for the purposes of the Rates (Northern Ireland) Order 1977 and shall be construed in accordance with Article 39 of that Order;

“capital value list” has the meaning given by Article 40(1)(b) of the Rates (Northern Ireland) Order 1977;

“net annual value” means net annual value for the purposes of the Rates (Northern Ireland) Order 1977 and shall be construed in accordance with Articles 39 and 39A of that Order;

“NAV list” has the meaning given by Article 40(1)(a) of the Rates (Northern Ireland) Order 1977.”

(b) For Articles 9(1) and (2) substitute—

“9.—(1) The net annual value of the hereditaments occupied by the Company and specified in Part A of the Schedule shall, for the year ending on 31st March 2008 and for each subsequent year, be apportioned among the districts of district councils in accordance with the formula—

• where—

  • A is the net annual value of the hereditaments occupied by the Company and specified in Part A of the Schedule, determined in accordance with Article 6 or 7 for the year in question;

  • B is the total net annual values for the year in question in the district in respect of which the apportionment is being made;

  • C is the total capital values for the year in question in the district in respect of which the apportionment is being made;

  • D is the total net annual values in the NAV list for the year in question;

  • E is the total capital values in the capital value list for the year in question.

(2) For the purposes of paragraph (1) the totals of net annual values there mentioned shall, for any year, be taken to be those totals as ascertained from the NAV list in force or coming into force on 1^st April with which that year commences, as in force on that day, but excluding the amounts shown in that list as the net annual values of hereditaments occupied by public supply undertakings or holders of licences or exemptions and (to the extent that they are distinguished in that list as wholly or partially exempt from rates) the amounts shown in that list as the net annual values of hereditaments wholly or partially exempt from rates.”.