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You will prepare and submit a term paper on Section 5 of the Land Compensation Act 1961. Your paper should be a minimum of 1500 words in length.
You will prepare and submit a term paper on Section 5 of the Land Compensation Act 1961. Your paper should be a minimum of 1500 words in length. In such instances , the compensation is payable on the basis of reinstatement cost, which is equivalent to the cost of buying an analogs or alterative asset and erecting an analogs building thereon , after giving due recognition for depreciation. This process is also known as “rule 5” reparation or compensation. (Abbot 2004: 267).
Under Land Compensation Act, 1961, there are no exact rules to be pursued in evaluating compensation for compulsory acquisition of land but court verdicts have prescribed some norms including the significant one that the rate for the land evolved is to be evaluated under the Act as its worth to the owner. In some past instances where income earned or likely to be received from the assets would not tantamount a fair valuation and in such cases, the price to a property owner was calculated under the Acts having regard to the principle of “equivalent reinstatement. “(Abbot 2004: 267).
As per decision held in “West Midland Baptist (Trust ) Association (Inc) v Birmingham Corporation1 “, the date of valuation for Rule 5 cases should be the earliest of the date on which assessment is done, the date on which the construction work on the premises could possibly have anticipated to have started and the date of possession. One another salient feature in this verdict is that no subtraction was to be made for the age of the property, as if such deduction was made, then the entire object of rule 5 would not be served and defunctness of charities might emanate from a verdict which was aimed to facilitate them to survive.
In valuation, the application of the Bwllfa norm is to be applied while giving due regard to what weight, if any, may be attached to events or evidence after the period of assessment. This principle was laid down in “Bwllfa & Merthyr Dare Steam Collieries (1891) Ltd v Pontypridd Waterworks Co2”. (Rees & Hayward 2001:261).
