Section 7 — Tax is on increase in value of land

(1)A land betterment charge payable in respect of any chargeable consent given in relation to a development or subdivision of, or a controlled activity with respect to, any land is on the increase in the value of the land likely to accrue from the giving of the chargeable consent that is leviable under this Act.

(2)For the purposes of this Act, the leviable increase in the value of any land likely to accrue from the giving of a chargeable consent in relation to a development or subdivision of, or a controlled activity with respect to, the land is the prescribed percentage according to section 8 of the increase in the value of the land likely to accrue from the giving of the chargeable consent, the amount of which must be ascertained in accordance with this Act.