Urban Regeneration and Housing Act 2015
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Amount of levy | ||
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16. (1) Subject to subsection (2), vacant site levy is 3 per cent of the market value of the vacant site determined in accordance with section 12 . | ||
(2) Where a site stands entered on the register and on the date of the determination of its market value under section 12 the site is subject to a site loan, if the outstanding amount of the loan is— | ||
(a) greater than the market value of the vacant site, vacant site levy in respect of that site is zero per cent, | ||
(b) greater than 75 per cent, but less than 100 per cent, of the market value of the vacant site, vacant site levy in respect of that site is 0.75 per cent, and | ||
(c) greater than 50 per cent, but less than 75 per cent, of the market value of the vacant site, vacant site levy in respect of that site is 1.5 per cent, | ||
of such market value. | ||
(3) In this section— | ||
“site loan” means an agreement for the provision of credit to a person on the security of a mortgage of a freehold or leasehold estate or interest in land for the purpose of enabling the person to purchase the land; | ||
“mortgage” has the meaning given to it by the Land and Conveyancing Law Reform Act 2009 . |