Exemption after taking into account Historical Base Value as in 2003 and 2003 Master Plan Value as in 2003
4.—(1) A person shall be exempt from liability to pay any development charge under section 35 of the Act for any development of land written permission for which is applied to and granted by the competent authority on or after 1st January 2008, but only to the extent specified in paragraph (2).
(2) The exemption in paragraph (1) from liability to pay any development charge shall be an exemption up to the amount determined in accordance with one of the following formulae, whichever is applicable:
(a)
where the Historical Base Value as in 2003 of the land exceeds the 2003 Master Plan Value as in 2003 of the land —
F – E;
(b)
where the Historical Base Value as in 2003 of the land is equal to or less than the 2003 Master Plan Value as in 2003 of the land —
G – E,
where
E
is the Development Baseline of the land;
F
is the 2003 Master Plan Value of the land; and
G
is the Historical Base Value of the land.
(3) For the purpose of determining the Development Baseline of any land referred to in this rule and rule 5, rule 7A(1) of the Planning (Development Charges) Rules (R 5) shall not apply.