Regulation 3

Subject to the provisions of this Order, where tax is payable on the annual value of any vacant land assessed in accordance with section 2(3) of the Act and the owner of the land constructs a single house on the land, there shall be remitted, for the period specified in paragraph 4 and subject to the conditions specified in paragraph 5, an amount of tax on the land computed in accordance with the formula:where Ais the tax payable on the annual value of the vacant land prior to completion of the construction of the house at the non‑residential tax rates; andBis the tax payable on the annual value of the vacant land prior to completion of the construction of the house at the owner–occupier’s tax rates.