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Finance Act 1963

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This is the original version (as it was originally enacted).

Schedule 5Ascertainment of Annual Value

1The annual value shall be taken to be the rent which might reasonably be expected to be obtained on a letting from year to year if the tenant undertook to pay all usual tenant's rates and taxes, and if the landlord undertook to bear the costs of the repairs and insurance, and the other expenses, if any, necessary for maintaining the subject of the valuation in a state to command that rent.

2Section 6 of the Rating and Valuation Act 1961 (adjustment of gross value by reference to provision of or payment for services, etc.) shall apply for the purposes of the foregoing paragraph, and in relation to land in Scotland or Northern Ireland shall apply as if it extended to the whole of the United Kingdom.

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