The Ports (Levy on Disposals of Land, etc.) Order (Northern Ireland) 1997

Disposal statements

36.—(1) On or before each annual reporting date a chargeable company shall furnish to the Department a statement (in this Article referred to as a “disposal statement”), in such form as the Department may require, in respect of the disposal period to which that annual report date relates.

(2) A disposal statement shall give the information specified in Schedule 3 in sufficient detail to give a true and fair view of the matters there mentioned and, in particular, shall—

(a) as to matters of fact, be accurate and complete in all material respects; and

(b) as to matters of opinion, be based on reasonable assumptions.

(3) A disposal statement shall be approved by the board of directors of the chargeable company and signed by two directors on behalf of the board.

(4) A disposal statement shall be accompanied by a report by the company’s auditors from time to time stating—

(a) whether in the auditors' opinion the disposal statement has been properly prepared in accordance with this Order; and

(b) whether they have obtained all the information and explanations which, to the best of their knowledge and belief, are necessary for the purpose of making their report.

(5) Subject to paragraph (6), in a case to which paragraph 4(1) of Schedule 2 applies, the chargeable company shall send to the Department with each disposal statement a valuation of the base value for each disposal in the disposal period to which the disposal statement relates (not being a disposal of land or of an estate in land acquired during the levy period); and for this purpose “base value” means the sum which, under section 38(1)(a) of the 1992 Act as applied for the purposes of Article 19 of the 1994 Order, is attributable to the land or estate in land which is the subject of the disposal.

(6) Where such a valuation has previously been sent to the Department in connection with a part disposal of the same land or estate, the chargeable company is not required to send a further valuation.

(7) A valuation sent in pursuance of paragraph (5) (referred to in this Article as a “valuation”) shall have been made by a Fellow or an Associate of the Royal Institution of Chartered Surveyors, not being a director or employee of or adviser to any member of the chargeable company’s group.

(8) A valuation shall be made in accordance with the Statements of Asset Valuation Practice and Guidance Notes (3rd edition, August 1990, as amended in April 1991, September 1991, June 1993, April 1994 and January 1995) published by the Royal Institution of Chartered Surveyors.

(9) For the purpose of enabling the person making a valuation to do so, the chargeable company shall provide him with any earlier relevant valuation, documents or records in its possession such as are mentioned in Article 39; and a valuation shall include a statement reconciling the base value attributed by it with the value ascribed to the land or estate (or to any land or estate in land of which that land or estate in land forms or formed part) in any earlier valuation such as is there mentioned.