Share of toll booth receipts had been correctly valued for rateable purposes

Court of Appeal - appellant was the occupier of two toll franchises on the M4 motorway - PPP Agreement made on 24 March 2003 - High Court dismissed appellant's appeal by way of case stated under section 39 of the Valuation Act 2001 in respect of two judgments of the Valuation Tribunal - question of law - whether the Valuation Tribunal was correct in determining that the Revenue Share handed over by the appellant to Transport Infrastructure Ireland was not deductible when valuing the subject property under section 48 of the Valuation Act 2001 - statutory provisions - legal principles - trial judge had correct answered the case stated - tolls were the relevant property - tolls became vested in Eurolink as occupier by virtue of the PPP agreement - PPP agreement did not create the tolls - terms of the PPP Agreement relating to the Revenue Share did not fall to be considered under the statutory construct under section 48(3) which instead required consideration of what the hypothetical occupier of the tolls might reasonably be expected to pay, year on year, as assumptions as to repair, insurance etc - appeal dismissed