Valuation of Land Act 2001

For the purposes of this Act, the value of the interest of a lessee, other than a mesne lessee, in the capital value of any land is the fair present value of the excess, if any, of the fair market rental value of the land in normal condition over the rent, rates and taxes, payable under the lease for its unexpired term, adjusted by reason of any conditions, options or prescriptive rights (whether valuable or otherwise) which may be in existence.