The Valuation for Rating (Decapitalisation Rate) Regulations (Northern Ireland) 2022
These Regulations prescribe the decapitalisation rate to be applied when determining the net annual value of any hereditament by reference to the contractor’s principle for the purposes of any NAV list coming into force on or after 1st April 2023. The contractor’s principle is the method of ascertaining the net annual value of a hereditament by reference to its actual or notional cost of construction or provision or to its capital value.