41Assessment of joint transmission easement holders

41 Assessment of joint transmission easement holders (1) Joint transmission easement holders are to be assessed for land tax on transmission easements in accordance with this section. (2) Joint transmission easement holders are to be jointly assessed in respect of a transmission easement as if held by a single person, without regard to— (a) the separate interest of each joint transmission easement holder in that transmission easement; (b) any other transmission easement held by a joint transmission easement holder (either alone or jointly with someone else). (3) Each joint transmission easement holder is also to be separately assessed in respect of— (a) the joint transmission easement holder's individual interest in the transmission easement as if the transmission easement holder were the holder of a part of the transmission easement in proportion to that interest; and (b) any other transmission easement held by a joint transmission easement holder alone; and (c) the joint transmission easement holder's individual interest in any other transmission easement. (4) There is to be deducted from the land tax assessed for a joint transmission easement holder under subsection (3) an amount (if any) necessary to avoid double taxation, being the lesser of— A is the proportion of the transmission easement holder's individual interest in the jointly-owned transmission easement to the total interests in that easement; B is the total amount of land tax assessed on the jointly-owned transmission easement under subsection (2); and C is the value of the joint transmission easement holder's individual interest in the jointly-owned transmission easement (as determined under subsection (3)(a)); D is the total value of all transmission easements of the joint transmission easement holder assessed under subsection (3); E is the amount of land tax assessed under subsection (3). (5) For the purposes of this section, a joint transmission easement holder may be separately assessed under subsection (3) in respect of a transmission easement even though no land tax is jointly assessable in respect of that easement under subsection (2). (6) In this section— ***joint transmission easement holder*** means a transmission easement holder who holds a transmission easement jointly with another person.