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of <h1>Section 21: Annual value set as higher of expected or actual rent; local taxes deductible; vacancy rule narrowed</h1> Section 21 sets annual value as the higher of expected rent or actual rent when let, allows deduction of local taxes actually paid, excludes unrealised rent subject to rules, grants nil annual value for two completed stock-in-trade years, and exempts up to two owner-occupied houses unless let or benefits arise. The enacted text narrows the vacancy rule: actual reduced rent counts only if vacancy caused actual rent to be lower than the notional expected rent, whereas the original bill applied actual rent more broadly where a property was let in the normal course and vacant. Wording on completion certificates is slightly clarified; other provisions remain substantively unchanged.
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