net annual rent

(in UKLR103) (in relation to a property) the current income or income estimated by the valuer:

1. (a) ignoring any special receipts or deductions arising from the property;
2. (b) excluding Value Added Tax and before taxation (including tax on profits and any allowances for interest on capital or loans); and
3. (c) after making deductions for superior rents (but not for amortisation) and any disbursements including, if appropriate, expenses of managing the property and allowances to maintain it in a condition to command its rent.15