Annual value reduction for new residential buildings limits taxable rent for a temporary three-year period after completion. An amendment to section 9(2) provides that for buildings begun and completed after 1 April 1961 the annual value for three years from completion shall be reduced by an aggregate amount: fully disregarding annual value for residential units at or below a specified threshold and deducting a fixed amount for units above that threshold, with the proviso that income in respect of any residential unit shall not be a loss. An Explanation treats owner occupied units' computation as if the fourth proviso were omitted when the first proviso applies.
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Provisions expressly mentioned in the judgment/order text.
Annual value reduction for new residential buildings limits taxable rent for a temporary three-year period after completion.
An amendment to section 9(2) provides that for buildings begun and completed after 1 April 1961 the annual value for three years from completion shall be reduced by an aggregate amount: fully disregarding annual value for residential units at or below a specified threshold and deducting a fixed amount for units above that threshold, with the proviso that income in respect of any residential unit shall not be a loss. An Explanation treats owner occupied units' computation as if the fourth proviso were omitted when the first proviso applies.
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