(1) The improved value of a stratum is the capital sum which the fee-simple of
the stratum might be expected to realise if offered for sale on such
reasonable terms and conditions as a bona-fide seller would require.
(2) In
determining the improved value of any stratum being premises occupied for
trade, business, or manufacturing purposes, such value shall not include the
value of any plant, machines, tools or other appliances which are not fixed to
the premises or which are only so fixed that they may be removed from the
premises without structural damage thereto.