sec.30Discounting of Land Valuation Act value—subdivided land not yet developed

sec.30 Discounting of Land Valuation Act value—subdivided land not yet developed

This section applies to a parcel (the relevant parcel ) if— the relevant parcel is 1 of the parts into which a larger parcel has been subdivided; and the person who subdivided the larger parcel (the subdivider ) was the owner of the larger parcel when it was subdivided; and when the larger parcel was subdivided, the relevant parcel was not developed land; and since the larger parcel was subdivided, the relevant parcel has been held for sale; and when a liability for land tax on the relevant parcel arises— the subdivider is still the owner of the relevant parcel; and the relevant parcel is still not developed land and is not being held by the subdivider for further subdivision; and the Land Valuation Act value of the relevant parcel for the relevant financial year is not calculated under that Act, chapter 2 , part 3 , division 3 ; and The Land Valuation Act , chapter 2 , part 3 , division 3 provides for separate parcels to be included in 1 valuation in particular circumstances. the subdivider owns at least 5 other parcels that satisfy paragraphs (a) to (e) . For assessing the subdivider’s liability for land tax, the Land Valuation Act value of the relevant parcel must be discounted by 40%. For this section, land is taken to be subdivided when a plan of subdivision providing for the division of the land into lots is registered under the Land Title Act 1994 . In this section— developed land means land improved, or being improved, by the construction of a building or other improvement reasonably capable of being used. s 30 amd 2010 No. 39 s 316 ; 2016 No. 64 s 13 (sec.30-ssec.1) This section applies to a parcel (the relevant parcel ) if— the relevant parcel is 1 of the parts into which a larger parcel has been subdivided; and the person who subdivided the larger parcel (the subdivider ) was the owner of the larger parcel when it was subdivided; and when the larger parcel was subdivided, the relevant parcel was not developed land; and since the larger parcel was subdivided, the relevant parcel has been held for sale; and when a liability for land tax on the relevant parcel arises— the subdivider is still the owner of the relevant parcel; and the relevant parcel is still not developed land and is not being held by the subdivider for further subdivision; and the Land Valuation Act value of the relevant parcel for the relevant financial year is not calculated under that Act, chapter 2 , part 3 , division 3 ; and The Land Valuation Act , chapter 2 , part 3 , division 3 provides for separate parcels to be included in 1 valuation in particular circumstances. the subdivider owns at least 5 other parcels that satisfy paragraphs (a) to (e) . (sec.30-ssec.2) For assessing the subdivider’s liability for land tax, the Land Valuation Act value of the relevant parcel must be discounted by 40%. (sec.30-ssec.3) For this section, land is taken to be subdivided when a plan of subdivision providing for the division of the land into lots is registered under the Land Title Act 1994 . (sec.30-ssec.4) In this section— developed land means land improved, or being improved, by the construction of a building or other improvement reasonably capable of being used.