§ 1. In this Schedule 'person prospectively liable for levy'—
- (a) in relation to a chargeable act or event falling within Case A, Case B or Case E, means the grantor;
- (b) in relation to a chargeable act or event falling within Case C, means a person who is the developing owner in relation to the relevant project or (if he is not the developing owner in relation to it) is on the relevant date entitled to an assessable interest in the relevant land or in part of that land;
- (c) in relation to a chargeable act or event falling within Case D, means the person to whom the right to compensation accrues; and
- (d) in relation to a chargeable act or event falling within Case F, means such person as for the purposes of this paragraph may be prescribed by the regulations made under section (Levy in Case F) of this Act.
§ 2. For the purposes of the application of this Schedule to a chargeable act or event falling within any Case other than Case C, 'the levy' means levy chargeable in respect of that act or event and 'the chargeable interest' has the meaning assigned to it by paragraph 2(1) of Schedule 5 to this Act.
§ 3. For the purposes of the application of this Schedule to a chargeable act or event falling within Case C, 'the levy', in relation to any person prospectively liable for levy in respect of that act or event, means levy chargeable in that Case in respect of any assessable interest by virtue of which he is the developing owner in relation to the relevant project or (if he is not the developing owner in relation to it) means levy chargeable in that Case in respect of any assessable interest in the relevant land, or in part of that land, to which he is entitled on the relevant date, and 'the chargeable interest, in relation to the levy, means the assessable interest in respect of which the levy is so chargeable.
§ 4.—(1) In this Schedule 'net capital proceeds'—
- (a) in relation to a chargeable act or event consisting of a disposition falling within Case A, Case E or Case F, means the consideration given for the disposition, reduced by the amount of any costs which are incurred by the person making the disposition and are incidental costs to him of making it or of making any contract in pursuance of which it is made;
- (b) in relation to a chargeable act or event consisting of a disposition falling within Case B, means all premiums or other capital sums which are paid as consideration for the disposition or which in accordance with the terms of the tenancy are payable to the landlord at any time during the tenancy, reduced by the amount of any such costs as are mentioned in the preceding sub-paragraph; and
- (c) in relation to a chargeable act or event consisting of the accrual of a right to compensation falling within Case D or Case F. means the compensation paid in respect of that right.
§ (2) For the purposes of the preceding subparagraph the incidental costs to a person of making a disposition or contract shall be taken to consist of—
- (a) expenditure wholly or exclusively incurred by him for the purposes of the disposition or contract, being fees, commission or remuneration paid for the professional services of any surveyor or valuer, or auctioneer, or accountant, or agent or legal adviser;
- (b) any stamp duty payable by him on the disposition or contract;
- (c) any costs of advertising to find a purchaser or tenant; and
- (d) any costs reasonably incurred by him in obtaining any valuation or apportionment relevant for the purpose of assessing
1505 levy in respect of the chargeable act or event in question.