Clause 8

by inserting, immediately after the word “building” wherever it appears in subsections (1), (3), (5) and (8), the words “or tenement”;

by deleting subsection (2) and substituting the following subsection:“(2) The tax payable under subsection (1) shall be calculated on the basis of any revised annual value which may be ascribed to the building or tenement in a subsequent Valuation List.”;

by deleting subsection (4) and substituting the following subsection:“(4) The tax payable under subsection (3) shall be calculated on the basis of any revised annual value which may be ascribed to that part of the building or tenement in a subsequent Valuation List.”;

by deleting subsection (6) and substituting the following subsection:“(6) The tax payable under subsection (5) shall be calculated on the basis of any revised annual value which may be ascribed to the building or tenement in a subsequent Valuation List.”;

by deleting subsection (7) and substituting the following subsections:“(7) Where any property is included for the first time in a Valuation List for any year, then, notwithstanding that the property was not previously included in any Valuation List, the tax in respect of the property shall be payable from —

in the case of any building, the date of completion of such building; and

in the case of any land or tenement, such date as may be determined by the Comptroller,and such tax shall be calculated on the basis of the annual value ascribed to the property in the Valuation List.(7A) Notwithstanding subsection (7), where any property comprised in —

a statutory land grant or State lease; or

a lease of property by a public authority (where the public authority is the lessor) for a period exceeding 3 years,is transferred or leased and thereupon included in the Valuation List (whether for the first time or otherwise) —

the tax in respect of the property shall be payable from the date of the transfer or date of commencement of the lease of the property; and

such tax shall be calculated on the basis of the revised annual value which may be ascribed to the property in a subsequent Valuation List.”; and

by inserting, immediately after subsection (8), the following subsections:“(8A) Notwithstanding section 19(8), where any property is to be or is being re-developed and no action has been taken to amend the Valuation List in respect thereof for any reason whatsoever, the tax in respect of the property shall be payable from such date as the Comptroller may determine, and such tax shall be calculated on the basis of the revised annual value which may be ascribed to the property in a subsequent Valuation List.(8B) No tax shall be payable under this section in respect of any period which is more than 5 years prior to the 1st of January of the year in which such notice of inclusion in the Valuation List or notice of amendment to the Valuation List under section 20 is issued.”.