55Amount of compensation—general principles

#### 55 Amount of compensation—general principles (1) The amount of compensation to which a person is entitled under this Part in respect of the acquisition of an interest in land is such amount as, having regard to all relevant matters, will justly compensate the person for the acquisition. (2) In assessing the amount of compensation to which the person is entitled, regard shall be had to all relevant matters, including: (a) except in a case to which paragraph (b) applies: (i) the market value of the interest on the day of the acquisition; (ii) the value, on the day of the acquisition, of any financial advantage, additional to market value, to the person incidental to the person’s ownership of the interest; (iii) any reduction in the market value of any other interest in land held by the person that is caused by the severance by the acquisition of the acquired interest from the other interest; and (iv) where the acquisition has the effect of severing the acquired interest from another interest, any increase or decrease in the market value of the interest still held by the person resulting from the nature of, or the carrying out of, the purpose for which the acquired interest was acquired; (b) if: (i) the interest acquired from the person did not previously exist as such in relation to the land; and (ii) the person’s interest in the land was diminished, but not extinguished, by the acquisition; the loss suffered by the person because of the diminution of the person’s interest in the land; (c) any loss, injury or damage suffered, or expense reasonably incurred, by the person that was, having regard to all relevant considerations, including any circumstances peculiar to the person, suffered or incurred by the person as a direct, natural and reasonable consequence of: (i) the acquisition of the interest; or (ii) the making or giving of the pre‑acquisition declaration or certificate under section 24 in relation to the acquisition of the interest; other than any such loss, injury, damage or expense in respect of which compensation is payable under Part VIII; (d) if the interest is limited as to time or may be terminated by another person—the likelihood of the continuation or renewal of the interest and the likely terms and conditions on which any continuation or renewal would be granted; (e) any legal or other professional costs reasonably incurred by the person in relation to the acquisition, including the costs of: (i) obtaining advice in relation to the acquisition, the entitlement of the person to compensation or the amount of compensation; and (ii) executing, producing or surrendering such documents, and making out and providing such abstracts and attested copies, as the Secretary of the Department requires.