Definitions

1(1)  In this regulation:

"Act" means the Islands Trust Act;

"protection exemption" means a tax exemption under Part 7.1 [Natural Area Protection Tax Exemptions] of the Act;

"sensitive ecosystems inventory" means the Sensitive Ecosystems Inventory: East Vancouver Island and Gulf Islands, 1993-1997, Volume 1: Methodology, Ecological Descriptions and Results, Technical Report Series No. 320, Canadian Wildlife Service, Pacific and Yukon Region, British Columbia, 1998.

(2)  In addition, the definitions in section 49.1 of the Act apply to this regulation.

Natural area values and amenities

2The following are prescribed as natural values and amenities for purposes of Part 7.1 [Natural Area Protection Tax Exemptions] of the Act:

(a)areas that are relatively undisturbed by human activity and are good examples of one or more of the ecosystems described in the Schedule to this regulation;

(b)areas that are relatively undisturbed by human activity and are key habitat for rare native plant species or plant communities;

(c)areas that are critical habitat for native animal species in relation to breeding, rearing, feeding or staging;

(d)geological features that are

(i)fossil-bearing rock formations,

(ii)sandstone with interesting erosional features,

(iii)naturally occurring waterfalls,

(iv)naturally occurring mineral springs,

(v)naturally occurring caves,

(vi)rare glacial erosion or deposition features, or

(vii)shoreline deposition features, including tombolos, spits and hooks;

(e)historical features that are

(i)culturally modified trees, or

(ii)heritage orchards, being orchards that were planted before the end of the First World War;

(f)social or recreational features that are

(i)walking or hiking trails that provide public access through natural areas,

(ii)outstanding viewpoints that are accessible to the public,

(iii)natural area landscapes that

(A) are distinctive, historic, or relatively undisturbed by human activity, and

(B) have a high degree of visibility from a place accessible to the public, or

(iv)land that provides public access to property that

(A) is subject to a protection exemption, or

(B) is a park or other land to which the public has access for a purpose related to the enjoyment and appreciation of ecosystems and natural areas.

Tax exemption formula

3A protection exemption is an exemption from tax on the land that is subject to the protection covenant to the extent determined as follows:

where

assessed value = the assessed value of the land that is subject to the protection covenant.

Recapture amounts

4(1)  The amount referred to in section 49.7 (2) (a) (i) [base recapture amount] of the Act is to be determined as follows:

where

final year exemption = the amount that, for the final year in which the protection exemption applied, is determined as

(a)the tax that would have been payable had the exemption not applied

minus

(b)the tax that was payable on the land that was subject to the protection covenant;

years exempt = the number of taxation years during which the land was subject to the tax exemption.

(2)  The amount referred to in section 49.7 (2) (b) (i) [interest amount] of the Act is to be determined as follows:

where

base recapture amount = the amount determined in accordance with subsection (1);

rate = the rate applicable under section 379 (1) (b) [taxes in arrear] of the Local Government Act at the time at which the exemption certificate was cancelled.

(3)  Amounts received under section 49.7 of the Act may be distributed by the Minister of Finance to the trust council.

Administrative fees

5Section 363 [imposition of fees and charges] of the Local Government Act applies to the trust council in relation to the administration of Part 7.1 [Natural Area Protection Tax Exemptions] of the Islands Trust Act.