Closer Settlement Act 1957

The rent payable in respect of a holding under a settlement lease shall be – such amount as TDR may determine, being an amount determined as a percentage of the capital value of the holding; and payable for a period of 12 months commencing on 1st July in any year.

Capital value for the purposes of this section shall be determined by TDR in each case, but in the case of a holding not before let on a settlement lease shall not exceed by more than 5 per cent the capital cost of the holding at the time when the offer of the settlement lease is made.

The rent payable in respect of any buildings on a holding under a settlement lease shall be – such amount as TDR may determine; and payable for a period of 12 months commencing on 1st July in any year.

In the month of June in each year, TDR shall review the rents payable under this section in respect of a period of 12 months commencing on the following 1st July, and may vary one or both of the rents as it thinks fit.

Where TDR varies one or both of the rents payable under this section in accordance with subsection (4), it shall, by notice in writing, notify the lessee accordingly.

In computing the capital cost of a holding for the purposes of this section, expenditure in connection with – roads and other ways dedicated to the public; lands disposed of, and facilities and services provided under, section 22; and buildings on the holding – shall be excluded.

A lessee has a right to know the capital value and capital cost for the purposes of this section of his holding.