(1) This section applies if—
(a) any of the following events occur—
(i) a registered place is removed from the Heritage Register on the application of the owner of the place (a de-registration event ); or
(ii) a permit under Part 5 is granted to the owner of a registered place to remove or demolish the place (a demolition permit event ); or
(iii) a permit under Part 5 is granted to the owner of a registered place to alter the place (an alteration permit event ); and
(b) land tax or a rate has been remitted under section 243 (or any corresponding previous provision) in respect of the place or the land on which the place is situated during the 5 years preceding the occurrence of the relevant event.
(2) On the occurrence of a de-registration event or a demolition permit event, the remitted land tax or rate becomes immediately payable by the owner unless the Minister, after considering a report from the Heritage Council, otherwise directs.
(3) On the occurrence of an alteration permit event, the remitted land tax or rate becomes immediately payable by the owner if the Minister, after considering a report from the Heritage Council, so directs.
(4) The Heritage Council, in making a report to the Minister under this section which relates to a demolition permit event or alteration permit event, must consider whether the granting of the permit will has resulted in a substantial increase in the value of the registered place or the land on which the registered place is situated.