Repeal of
Inculan 54 and addka of
BGELION SA
purposes under the Rating Ordinance, less an allowance for re- pairs and outgoings of twenty per cent of the said rateable value" and substituting the following-
"The net assessable value of such land or buildings or land and buildings for each such year"; and
(i) by deleting paragraphs (a) and (d) of the proviso; and (b) by inserting, after subsection (1), the following new subsections - "(IA) In subsection (1), "het assessable value" means the assessable value of land or buildings or land and build- ings, ascertained in accordance with section 5A. less an allowance for repairs and outgoings of 20 per cent of that assessable value.
4.
(18) The percentage allowance specified in subsection (14) may be amended by resolution of the Legislative Coundl.".
Section 5A of the principal Ordinance is repealot and replaced by the following new section—
**Ascetino-
Men of Zachable YklUC.
(Cap. 7.1
SA. (1) In a case where subsection (4) applies, the assessable value of land or buildings or land and buildings. shall be an amount equal to the estimated annual rent which would be permitted under Part 1 or authorized under Part 11, as the case may be, of the Landlord and Tenant (Consolidation) Ordinance if-
(a) the tenant undertook 10 pay all usual tenant's rates
and taxes; and
(b) the landlord undertook to pay the Crown rent, the costs of repairs and insurance and any other expenses necessary to maintain the property in a state to command that rent.
(2) In any other case, the assessable value of land or buildings or land and buildings shall be an amount equal to the rent al which on the first day of any year of assess- ment such property might reasonably be expected to let from year to year it-
(a) the tenant undertook to pay all usual tenant's rates
and laxes; and
(b) the landlord undertook to pay the Crown rent, the costs of repairs and Insurance and any other expenses necessary to maintain the property in a state to command that rent:
Provided that-
(i) in respect of any property which became chargeable to property tax on a date after the first day of the year of assessment for which an assessable value falls to be ascertained, the assessable value of such property shall be ascertained by reference to that date:
(ii) where in relation to any year of assessment a fresh assessable value of any property has not been ascertained, the assessable value of the property for that year shall be deemed to be the same as that last ascertained in respect of such property.
(Cap. 7)
3
(3) For the purpose of ascertaining the assessable value of land or buildings or land and buildings under this section--
(a) subject to paragraph (b), all machinery (including lifts used as adjuncts to the properly shall be re- garded as part of the property, but the reasonable expenses incurred in working such machinery shall be allowed for in arriving at the assessable value of the properly;
(b) no account shall be taken of the value of any machinery in or on the property for the purpose of manufacturing operations or trade processed. (4) This subsection applies where-
(a) any building or any part thereof is wholly let on
the first day of any year of assessment;
(8) Part 1 or Part II of the Landlord and Terant (Con- solidation) Ordinance applies on the first day of any year of assessment to that letting; and (e) the Commissioner is satisßed that no consideration has been given or required or will be given or required, wheher in money or in kind or in any other manner, as a condition of the grant or con- tinuation of such letting other than the payment of such rent as is permitted or authorized under the Landlord and Tenant (Consolidation) Ordinance,”.
Section 7 of the principal Ordinance is amended by deleting Amendment of "unoccupied during one or more entire months of" and substituting the scodon 7. following-
"occupied for less that 12 months in".
6. Section 7A of the principal Ordinance is amended by deleting Amendment of the definition of "unoccupied" and substituting the following
"'occupied", in relation to land or buildings or land and buildings. means land or buildings or land and buildings which are being put to beneficial use.".
action 74.
7. Section 9(2) of the principal Ordinance is amended in paragraph Amendment of (b) of the proviso by deleting "the rateable value arrived at in accordance section 9. with section 5" and substituting the following —
"the assessable value ascertained in accordance with section SA",
8.
Section 160X5) of the principal Ordinance is amended-
(a) by deleting "the rateable value of the land or buildings as deter- mined under the Rating Ordinance:" and substituting the following-
"the assessable value of the land or buildings as ascertained in accordance with section SA."; and
(5) by deleting the proviso.
9.
Amendment of section 16.
Section 42(1)(a) of the principal Ordinance is amended by Amendment of deleting "net amount (after deduction of the allowance for repairs and section 42. outgoings)" and substituting the following—
"net assessable value as defined in section 5(1A)".
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