PART 5
5. The Valuation for Rating (Decapitalisation Rate) Regulations (Northern Ireland) 2003(1) 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”.