Page 1222 - Week 04 - Thursday, 21 March 1991
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(iii) the values shall be based on the unimproved capital value of the land and cause notice of the determination of those capital sums to be given to the lessee.
(9A) For the purposes of the next two succeeding sub-sections, the prescribed formula is -
A-B,
where -
A is an amount equal to the capital sum determined in accordance with paragraph (b) of sub-section (9) of this section; and
B is an amount equal to the capital sum determined in accordance with paragraph (a) of that sub-section.
(9B) If -
(a) the amount represented by the letter "A" in the prescribed formula is less than the amount represented by the letter "B" in that formula; or
a premium is not payable in respect of the variation specified in the provisional order.'.".
The purpose of my amendment is philosophical. I do not expect, nor did I ever expect, to see support from the Government for this amendment. However, I did expect, and I do expect, to see support from some members of the Government. The reason for that is that the amendment implements quite comfortably the policy of the Residents Rally. Just to make that clear, I am quite happy to read from the policy of the Residents Rally. It states:
Existing leases are to be surrendered to the Lease Administrator in return for a credit of an amount calculated by the Valuation Office for the unimproved capital value of the lease.
That takes us back to the surrender and regrant system that has just been denied by the Government. The policy continues:
A new lease will be granted for the new development rights and will be issued on the payment of premium, calculated by the Valuation Office based on the proposed new lease purpose, less the value of the credit for surrender of the lease.
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