F2rep. with saving by 2001 c. 2 (NI)
(1)Where any land has a development value and any new development of that land to which this section applies, is or was initiated, then for the purpose of determining whether that land or any part thereof has or had a balance of development value at any subsequent time:—
(a)if the development relates or related only to that land the value (ascertained in accordance with Schedule 3) of that development; or
(b)if the development relates or related to that land together with other land, so much of the value (so ascertained) of that development as is or was attributable to that land;
shall be deducted from the development value of that land, and that value shall be treated as having been reduced or extinguished accordingly immediately before that subsequent time.
(2)This section applies to new development other than—
(a)development which, when determining the state of the land for the purposes of section 3, was taken to have been completed at the date of the passing of this Act;
(b)development initiated in pursuance of a planning decision given (whether with or without conditions) before the passing of this Act on an application for planning permission made before 26th February 1963.
(3)Where, under subsection (1), it becomes necessary to determine whether any land had a balance of development value by reference to a date occurring before the passing of this Act, for the references in subsection (2) to the passing of this Act there shall be substituted references to that date.
F3rep. with saving by 2001 c. 2 (NI)