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Remission of rates.
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5.—(1) Where—
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(a) premises for an industrial undertaking are or were erected, enlarged or improved after the 20th day of July, 1965, and
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(b) the Board certifies that the erection, enlargement or improvement was carried out by the Board or was the subject of financial assistance by the Board,
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a local authority may, if they think fit, remit—
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(i) two-thirds of a rate leviable by them in respect of any premises so erected, or
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(ii) two-thirds of any additional rate leviable by them in respect of any such enlargement or improvement.
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(2) The remission shall, subject to subsection (3) of this section, have effect in respect of the local financial year next following that in which the erection, enlargement or improvement was completed and in respect of each of the next nine local financial years.
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(3) If, in any local financial year, the Board certifies that the undertaking has failed to observe the terms upon which financial assistance was provided, the remission shall not have effect in respect of that local financial year.
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(4) A remission shall not be granted more than once in respect of the same erection, enlargement or improvement.
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(5) Where premises are not separately valued under the Valuation Acts, the Commissioner of Valuation may, on the application of the Board, apportion to the premises such part as he thinks proper of the rateable valuation of the property in which the premises are comprised.
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(6) The powers conferred on a local authority by this section shall be reserved functions for the purposes of the County Management Acts, 1940 to 1955.
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