Rating (Valuation) Act 1999

1 Rateable value

(1) Schedule 6 to the [1988 c. 41] Local Government Finance Act 1988 (non-domestic rating: valuation) shall be amended as follows.

(2) In paragraph 2(1) (rateable value to be equal to rent under letting from year to year if the tenant bore the cost of repairs etc) for the words from “if the tenant” to the end there shall be substituted “on these three assumptions—

(a) the first assumption is that the tenancy begins on the day by reference to which the determination is to be made;

(b) the second assumption is that immediately before the tenancy begins the hereditament is in a state of reasonable repair, but excluding from this assumption any repairs which a reasonable landlord would consider uneconomic;

(c) the third assumption is that the tenant undertakes to pay all usual tenant’s rates and taxes and to bear the cost of the repairs and insurance and the other expenses (if any) necessary to maintain the hereditament in a state to command the rent mentioned above.”

(3) After paragraph 2(8) there shall be inserted—

“(8A) For the purposes of this paragraph the state of repair of a hereditament at any time relevant for the purposes of a list shall be assumed to be the state of repair in which, under sub-paragraph (1) above, it is assumed to be immediately before the assumed tenancy begins.”