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Annual value for Schedule B.
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31.—(1) The annual value of lands for the purposes of Schedule B shall, subject to subsection (2), be the rateable valuation of the lands for the time being.
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(2) The said annual value shall be taken to be—
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(a) the judicial rent fixed under the Land Law (Ireland) Acts or any of them; or
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(b) the annual interest or payment payable to the Irish Land Commission in lieu of rent under the Land Purchase Acts or any of them; or
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(c) the purchase annuity payable under the Land Purchase Acts or any of them,
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in any case in which it is shown that the said judicial rent, annual interest or payment, or purchase annuity, as the case may be, is less than the rateable valuation.
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(3) Section 13 (1) shall apply in relation to an assessment under Schedule B as it applies to Schedule A.
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(4) In this section “purchase annuity” means the first or original annuity payable before any redemption or statutory reduction.
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