This section has no associated Explanatory Memorandum
18.—(1) Amend Article 39 (basis of valuation) as follows.
(2) In paragraph (2)—
(a)for “Articles 39A and 39B” substitute “Article 39A”;
(b)after “net annual value” insert “or the capital value”.
(3) In paragraph (3)—
(a)for “Where” substitute “Subject to paragraph (4), where”;
(b)after “net annual value” in both places where it occurs insert “or the capital value”.
(4) After paragraph (3), add the following paragraph—
“(4) Sub-paragraphs (b) and (c) of paragraph (3) shall not apply to orders under paragraph 7(4) or 12(3) of Part I of Schedule 12.”.