9Leviable increase in the price of land

9 Leviable increase in the price of land

9 Leviable increase in the price of land

(1) For the purposes of this Act, the leviable increase in the price of any land is:

(a) where the consideration applicable upon the land being disposed of exceeds the base date valuation of that land—the amount ascertained by subtracting from that consideration that base date valuation, and

(b) where that consideration does not exceed that base date valuation—nil.

(2) For the purposes of subsection (1), the consideration applicable upon any land being disposed of is:

(a) where the land is disposed of for a consideration that consists of an amount of money only, and:

(i) the land is disposed of, as referred to in paragraph (a) of subsection (3) of section 7—the sum of the consideration expressed in the contract or agreement for the sale or other divesting of the land and, where the contract or agreement was entered into as a consequence of the exercise of an option to purchase or acquire the land, any amount paid in respect of that option,

(ii) the land is disposed of as referred to in paragraph (b) of subsection (3) of section 7—the sum of the consideration expressed in the contract or agreement for the giving of the direction relating to the land and, where the contract or agreement was entered into as a consequence of the exercise of an option for the giving of the direction, any amount paid in respect of that option,

(iii) the land is disposed of, as referred to in paragraph (c) of subsection (3) of section 7—the sum of the consideration expressed in the memorandum of transfer or conveyance and, where the memorandum of transfer or conveyance was executed as a consequence of the exercise of an option to purchase, or for the transfer or conveyance of, the land, any amount paid in respect of that option, or

(iv) the land is disposed of, as referred to in paragraph (e) of subsection (3) of section 7—the sum of the consideration expressed in the instrument of transfer or conveyance and, where any such instrument was executed as a consequence of the exercise of an option for the transfer or conveyance of the estate or interest in the land, any amount paid in respect of that option, or

(b) where the land is disposed of:

(i) as referred to in paragraph (a), (b), (c) or (e) of subsection (3) of section 7 and the consideration applicable is not ascertainable under paragraph (a), or