§ Any ratepayer holding premises upon lease or agreement, having less than twenty years to run as from the date of assessment, shall be entitled by way of special deduction to an allowance from the rateable value of an amount equal to—
- (a) the premium paid during each year of assessment on any redemption policy taken out to replace the capital sum paid for the acquisition of the premises; or
- (b) such annual sum as may, in the absence of a redemption policy, be in the opinion of the rating authority sufficient to provide a fund for the replacement of the amount so paid for the acquisition as aforesaid.
§ Mr. RYEI do not propose to move this new Clause because I am not satisfied that it is in order. It is more a question for a Finance Bill than for a Rating and Valuation Bill. I put the Clause on the Paper in order to draw attention to what I think is a substantial grievance of owners of leasehold premises.