SCHEDULE 6 Non-Domestic Rating: Valuation
Local Government Finance Act 1988 (1988 c 41) | Legislation

SCHEDULE 6 Non-Domestic Rating: Valuation

Section 56

1

This Schedule has effect to determine the rateable value of non-domestic hereditaments . . . for the purposes of this Part.

2

(1)     The rateable value of a non-domestic hereditament [none of which consists of domestic property and none of which is exempt from local non-domestic rating] shall be taken to be an amount equal to the rent at which it is estimated the hereditament might reasonably be expected to let from year to year [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].

[(1A)     The rateable value of a composite hereditament none

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