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Subject to any relief available in respect of woodlands¹ (see Division I7.4), the value of land will include all rights attaching to the land including mining, mineral or sporting rights and rights of common. Even if a professional valuation has been obtained, any information which comes to light, such as marketing advice, which makes the original valuation doubtful, must be accounted for by the accountable persons, either in the final valuation or declared as soon as possible, if the account has already been submitted.

Where property is let, it is usually valued by capitalising its net annual value by the number of years' purchase appropriate to its nature. The net annual value is calculated by deducting from the gross rental the annual outgoings paid by the owner of the property, such as repairs, insurance premiums, feu duty, chief rents, tithe redemption annuity, ground rent, replacement of furniture, and any other regular annual outgoings, except income tax and the expenses of management.

The cost of rates or repairs or both borne by the tenant is