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Court of Appeal determines that the Valuation Tribunal erred by not considering actual energy output data available up to the issuance date of the valuation certificate when estimating the net annual value (NAV) of a wind farm, on the grounds that the Tribunal erred in law by considering post-valuation certificate data in its "stand back and look" analysis; and the court remits the case to the Tribunal for reconsideration, taking into account the actual state of the property and relevant data up to the valuation certificate issuance date.
Valuation Tribunal - wind farm - net annual value (NAV) - actual energy output - Court of Appeal - empirical data - valuation certificate - P90 value - hypothetical tenant - revaluation process - Valuation Act 2001 - relevant property - material change of circumstances - revision procedure - hindsight principle.
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