Introduction Details of the Sections Section 102– Taxable value
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).