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

(b)  $10,

      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 thereto.

(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.