Valuation of Land Act 2001

For the purposes of this Act, the value of the interest of a lessor or mesne lessee in the capital value of any land is the fair present value of the net rent receivable by him or her for the unexpired term of the lease, together with the fair present value of any reversion to which he or she is entitled, adjusted by reason of any conditions, options or prescriptive rights (whether valuable or otherwise) which may be in existence.