Valuation of Land Act 1963

For the purposes of this Act, the improved capital value of a unit is the sum which the fee simple of the unit might be expected to realize if offered for sale on such reasonable terms and conditions as a seller in good faith would require.

In determining the improved capital value of a unit under subsection (1) which are premises occupied for trade, business or manufacturing purposes, such value shall not include the value of plant, machines, tools or other appliances which are not fixed to the premises or which are only so fixed that they may be removed without causing structural damage to the premises.