As defined in section 1(1) of the General Rate Act 1967, these are the boroughs and districts of every county, the City of London, the Inner Temple and the Middle Temple.

Under section 1(1) of the General Rate Act 1967, these are each borough or district council; the Common Council of the City of London, the Sub-Treasurer of the Inner Temple and the Under-Treasurer of the Middle Temple.

The officer of a rating authority responsible for rating matters.

Under section 17a of the General Rate Act 1967, rating authorities who had resolved under section 17 to charge empty rates were also empowered to charge a progressive surcharge on empty commercial property. This surcharge was suspended (but not abolished) from April 1 1981.

A body founded in 1909 with a membership consisting of surveyors who specialise in rating. It acts broadly in conjunction with, but independently of, the RICS in promoting the interests of rating surveyors.

For rating purposes, a period of 12 months beginning April 1. Cf RATE PERIOD.

In accounting and appraisal, a technique to assess the performance and efficiency of a business organisation or of the management of a building, estate or project. It is arrived at by calculating ratios between particular items in the accounts and comparing them with the ratios pertinent to a comparable activity.

In a legal judgement, the essential reason(s) or rule(s) of law determining the judge's decision on the matter of issue. Cf OBITER DICTUM.

By reason of (ownership of) the soil.

By reason only.

A colloquial term for a route, off principal roads, which is taken by drivers who are endeavouring to avoid traffic congestion.

In the matter of, or with reference to.

A legally constituted organisation (entitled to preferential tax treatment) which enables investors to own and transfer shares of an interest in a property or properties; the shares can be dealt with in a manner similar to corporate stock. In order to qualify, a trust must, among other requirements, be owned by at least 100 shareholders and invest most of its capital in real estate loans or properties and receive income from them. The special feature is that such a trust reduces its own taxable income by a distribution to shareholders with no tax deducted, but this is taxable income in the hands of shareholders according to their own tax status. To maintain the trust's right to gross distributions these must, in aggregate, be equal to a minimum of 90% of the total trust income.

Evidence consisting of one or more tangible objects. These are known as "exhibits" once they are admitted in evidence.

Under the Development Land Tax Act 1976 (now repealed), the amount (if any) by which the net proceeds of disposal of an interest in land exceeded the relevant base value, ie the highest of the three alternative base values of that interest, calculated according to rules laid down in the Act.

Freehold land, but not leaseholds; the latter are classified as personalty or personal property.

At a particular time, the actual return on an investment in stocks and shares. It will be different from the nominal rate unless, exceptionally, the market value is the same as the nominal value.

A broker or agent in real estate who is a member of a real estate board affiliated to the American National Association of Realtors.

See REAL PROPERTY.

In the definition of "open market value" contained in the RICS Guidance Notes on the Valuation of Assets, the period within which it would be reasonable to expect to sell a property at that value, having regard to the nature of the property and the state of the market. Cf FORCED SALE VALUE.