Section 20

is or has become inaccurate in any material particular in any year; or

is likely to become inaccurate in any material particular in the ensuing year,the Chief Assessor may, in the year referred to in paragraph (a), if the Chief Assessor considers it desirable that an amendment should be made to the Valuation List, give notice thereof to the owner of the property concerned stating the amendment that is considered desirable and the date from which it is proposed the amendment is to take effect, and the amendment is to be made in the Valuation List from that date.

the Chief Assessor is of the opinion that the annual value of a property included in the Valuation List does not correctly represent the annual value evidenced by —

the rental obtained from a tenant in respect of a property previously vacant or previously occupied by the owner;

the increased or decreased rental obtained in respect of the letting out of that or similar property;

the consideration paid or value passing on the sale or transfer, directly or indirectly, of any estate or interest in that or similar property, including the sale or transfer of 75% or more of the issued ordinary shares of a land‑owning company, whether or not the Chief Assessor exercises the option given in section 2(6);

the development cost of that or similar property; or

the gross takings or receipts derived from the use of that or similar property;

the Chief Assessor is of the opinion that the rental (if any) obtained from the tenant is lower than the gross amount at which the property could reasonably be expected to be let from year to year;

any new building or tenement is erected or any building or tenement is rebuilt, enlarged, altered, improved or demolished;

there is any change in the prescribed class of any property referred to in section 9(3);

any property or part thereof, not exempted from the provisions of this Act, has not been included in the Valuation List; or

the Chief Assessor is of the opinion that the annual value of any property or part thereof in the Valuation List required to be assessed on the basis of gross receipts by any order made under section 7 does not correctly represent the annual value as evidenced by the gross receipts arising from the use of that property for the purposes of any trade or business and determined in the manner specified in the order.

make an alteration to the Valuation List to correct the error; and

cancel any notice given under subsection (1) and replace it with another notice to correct such error,except that no such alteration or cancellation may be in respect of any annual value for any period of more than 5 years prior to the date on which the Chief Assessor has ascertained that such an error exists.