Planning and Development Act 2024
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Compensation | ||
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250. (1) Where ownership of land is transferred to a planning authority pursuant to an agreement under this Chapter, the planning authority shall, by way of compensation, pay to the owner of the land a sum equal to the greater of— | ||
(a) (i) in the case of— | ||
(I) land purchased by the applicant before 25 August 1999, or | ||
(II) land purchased by the applicant pursuant to a legally enforceable agreement entered into before that date or in exercise of an option in writing to purchase the land granted or acquired before that date, | ||
the price paid for the land, or the price agreed to be paid for the land pursuant to the agreement or option, together with such sum in respect of interest thereon (including, in circumstances where a loan is secured by mortgage on the land, interest paid in respect of the loan to the extent that the value of the land does not exceed the amount of the loan) as may be determined by the property arbitrator, | ||
(ii) in the case of land the ownership of which was acquired by the applicant by way of a gift or inheritance taken (within the meaning of the Capital Acquisitions Tax Consolidation Act 2003 ) before 25 August 1999, a sum equal to the market value of the land on the valuation date (within the meaning of that Act) estimated in accordance with section 26 of that Act, or | ||
(iii) where the applicant for permission is a mortgagee in possession of land that was— | ||
(I) purchased before 25 August 1999, or | ||
(II) purchased pursuant to a legally enforceable agreement to purchase the land entered into before that date, or in exercise of an option in writing to purchase the land granted or acquired before that date, | ||
the price paid for the land, or the price agreed to be paid for the land pursuant to the agreement or option, together with such sum in respect of interest thereon calculated from that date (including any interest accruing and not paid in respect of the loan secured by the mortgage to the extent that the value of the land does not exceed the amount of the loan) as may be determined by the property arbitrator, | ||
or | ||
(b) the existing use value of the land. | ||
(2) Section 450 shall apply to compensation payable under this section. |