46.Subsection (1) defines the taxable value as equal to the market value on the last previous valuation date.
47.Subsection (2) sets out that the first valuation date for single-dwelling interests is 1 April 2012 and then there is a valuation date of 1 April every five years subsequently.
48.Subsection (3) defines valuation dates in respect of a single-dwelling interest to which a company is entitled (other than as a member of a partnership) also to include the date when a substantial chargeable interest in the dwelling is acquired or in part disposed of, if that is a qualifying event.
49.Subsection (4) defines valuation dates in respect of a single-dwelling interest to which a company is beneficially entitled as a member of a partnership also to include equivalent dates when the partnership acquires or part disposes of an interest.
50.Subsection (5) defines valuation dates in respect of a single- dwelling interest held for the purposes of a collective investment scheme also to include equivalent dates when an interest is acquired or part disposed of.
51.Subsection (6) confirms that references to disposal of part of a single-dwelling interest to include the grant of a chargeable interest.
52.Subsection (7) excludes the grant of an option from being a chargeable interest for the purposes of subsection (6).
Introduction Details of the Sections Section 102– Taxable value