Valuation of Real Property a Guide to the Principles of Valuation of Land And B
Valuation of Real Property a Guide to the Principles of Valuation of Land And B
Clarence Albert Webb
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For, in the case of licensed premises, a true rack rent as a rule comprises not merely the normal rent appropriate to the character of the hereditament, but also an addition to such rent attributable to the existence of the licence. They have, therefore, in each case carefully checked the valuation of premises, for purposes of income tax under Schedule A, with a view to satisfying themselves, with reference to business done and other evidence before them, whether that valuation corresponded, as... it aims at doing, with the rent that, on entering into occupation, a free tenant might be expected to covenant to pay, in the circumstances of the present time, and subject to the conditions of renewal of licence that were applicable immediately before the passing of the Act. Where modifications of the Schedule A valuation seemed to be called for, the Commissioners have made the necessary adjustments; otherwise they have taken that valuation as representing the full rack rent that an owner of the premises could obtain from a free tenant.
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