21 Dec 2012
BEST ORIGIN LTD v. COMMISSIONER OF RATING AND VALUATION
- Citation
- BEST ORIGIN LTD v. COMMISSIONER OF RATING AND VALUATION
- Court
- Court of Final Appeal
- Case number
- FACV21/2011
Section 2 does not create a special regime displacing ss.7 and 7A; for Government rent purposes development sites are to be treated as rateable tenements but rateable value must be ascertained in accordance with the Rating Ordinance subject to its statutory assumptions. The intrinsic character and development potential of an active construction site are relevant under the rebus assumptions and the hypothetical yearly tenancy is to be understood as of indefinite duration for valuation purposes; applying those principles the Lands Tribunal correctly used the contractor's basis and the Court of…