Valuation of Land Act 1916 No 2
7C Assessed annual value of strata
(1) The assessed annual value of a stratum is:
(a) nine-tenths of the fair average annual value of the stratum, with
the improvements (if any) therein, or
whichever is the greater.
(2) In determining the assessed annual value of any stratum being
premises occupied for trade, business, or manufacturing purposes such value
shall not include the value of any plant, machines, tools, or other appliances
which are not fixed to the premises or which are only so fixed that they may
be removed from the premises without structural damage
(3) In determining the assessed annual value of any stratum it shall
be assumed that the stratum, with the improvements, if any, therein, is not
subject to the provisions of the Landlord
and Tenant (Amendment) Act 1948.