Section 52 | Valuation of interests in land.

(1)In section 294 of the Taxes Act 1988 (companies with interests in land), after subsection (5) there shall be inserted—

(5A)For the purposes of this section, the value of an interest in any building or other land shall be adjusted by deducting the market value of any machinery or plant which is so installed or otherwise fixed in or to the building or other land as to become, in law, part of it.

(2)This section shall have effect in relation to valuations which fall to be made after the passing of this Act.