Mr. John O'Sullivan:

There are two concepts. Revision is the term used to change the valuation of a property between revaluations. Revaluation is a new valuation of every property in a local authority area at the same time, from the ground up and from first principles. Under the definition in our legislation, in order to bring about a revision, there has to be what is known as a material change of circumstances to the premises. It is a technical definition but would mainly refer to physical changes such as an extension or perhaps closing down and separately sectioning off part of the unit.

In a revaluation, we are very much looking at the rental value of the property. We are examining the transactions and applying our analysis of that to all the other properties that do not have a specific rental transaction around the valuation date. That is why we inspect some of those properties as well. An improvement can affect the revaluation to the extent that it would reflect the rental value of the property. That is how it would translate.