2F1Meaning of “unrestricted” and “restricted” value.N.I.
(1)Subject to section 3, in this Part—
(a)the unrestricted value of any land is the value that a fee simple absolute in possession in the land would have had on 25th February 1963;
(b)the restricted value of any land is the value that such a fee simple would have had on 25th February 1963 if computed on the assumption that planning permission would have been granted for any development of that land of a class specified in Schedule 1, but would not have been granted for any other development.
(2)Schedule 2 shall have effect for the purpose of specifying the general classes referred to in paragraph 6 of Schedule 1.
F1rep. with saving by 2001 c. 2 (NI)