(1) The unencumbered value of dutiable property is the value of the property determined without regard to any encumbrance to which the property is subject.
(2) The unencumbered value of the goodwill of a business is taken to include the value of any restraint of trade arrangement entered into by the vendor in order to protect the value of the goodwill.
(3) If, before land is transferred to a transferee, the transferee has made improvements to the land, the unencumbered value of the land is to be determined as if those improvements had not been made.
(4) The unencumbered value of a Crown lease at the time it is granted shall, for the purposes of this Chapter, be taken to be the sum determined by the Land Department to be that value.
(5) In determining the unencumbered value of a Crown lease at the time it is granted the Land Department shall assume—
(a) that the consideration for the lease is to be paid as a lump sum; and
(b) that the lessee is not obliged by the lease to carry out any works, or to cause any works to be carried out, whether on the land the subject of the lease or elsewhere.
(6) In this section—
(7) In this section, a reference to the granting of a Crown lease over a parcel of land shall be read as including a reference to the granting of a second or subsequent Crown lease over the land.