Annual value determination now uses notional or actual rent, and owner occupied residence relief is limited and capped against income. Annual value for property is deemed to be either the sum the property might reasonably fetch from year to year or, if greater, the actual annual rent received or receivable. 'Annual rent' means actual rent when let for the whole year or the twelve month equivalent when let for part of the year. For owner occupied houses, annual value is computed as if let and then reduced by a specified deduction (subject to a ceiling); where multiple houses are owner occupied, that reduction applies to one house by the assessee's option and other houses are valued as if let.