PART IIINITIAL RATEABLE VALUES
Interpretation
5. In this Part—
(a)in any formula—
B is the figure applicable in relation to the relevant year for the purposes of paragraph 5(3) of Schedule 7 to the Act;
C is the figure applicable in relation to the relevant year for the purposes of paragraph 5(4) of Schedule 7 to the Act;
I is the figure for the retail prices index for September in the relevant preceding year;
and in relation to any class of hereditaments—
R is the recalculation factor applicable to that class determined under Part IV in respect of the relevant preceding year;
RV is the rateable value of that class in the relevant preceding year; and
(b)
T is the amount specified in relation to a class of hereditaments in column 1 of the Schedule;
U is the recalculation factor applicable to that class determined in accordance with Part IV in respect of the relevant year; and
“the standard formula” means the formula T + U.
Rateable values in 1990/1
6. In relation to each class of hereditaments—
(a)Where T is greater than the relevant maximum amount calculated in relation to that class under article 7, the rateable value of that class in the year beginning on 1st April 1990 shall be the relevant maximum amount;
(b)where T is less than the relevant minimum amount calculated in relation to that class under article 7, the rateable value of that class in the year beginning on 1st April 1990 shall be the relevant minimum amount;
(c)where neither paragraph (a) nor paragraph (b) applies, and in any case where there is no amount specified in relation to the class in column 2 of the Schedule, the rateable value of that class in that year shall be T.
7. The relevant maximum amount in respect of a class of hereditaments is the amount produced by calculating in accordance with the formula—
and the relevant minimum amount in respect of a class of hereditaments is the amount produced by calculating in accordance with the formula—
Increasing rateable values
8.—(1) This article applies to any class of hereditaments in relation to which the rateable value in the year beginning on 1st April 1990 is determined as provided in paragraph (a) of article 6.
(2) The rateable value in the year beginning on 1st April 1991 of any class of hereditaments to which this article applies shall be determined in accordance with paragraph (3).
(3) For the purposes of paragraph (2), where in relation to a class of hereditaments a calculation in respect of that year according to formula 1, that is to say—
produces an amount less than that produced by a calculation in accordance with the standard formula, the rateable value of that class of hereditaments in that year shall be the amount calculated in accordance with formula 1; and in any other case that rateable value shall be the amount calculated n accordance with the standard formula.
9.—(1) This article applies to any class of hereditaments in relation to which the rateable value in the year beginning on 1st April 1991 falls in pursuance of article 8 to be determined in accordance with formula 1.
(2) The rateable value in any intermediate year of any class of hereditaments to which this article applies shall be determined in accordance with paragraph (3).
(3) Where in relation to a class of hereditaments and any such year a calculation in respect of that year according to formula 2, that is to say—
produces an amount less than that produced by a calculation in respect of that year in accordance with the standard formula, the rateable value of that class of hereditaments in that year shall be the amount calculated in accordance with formula 2; and in any other case it shall be the amount calclated in accordance with the standard formula.
Decreasing rateable values
10.—(1) This article applies to any class of hereditaments mentioned in the Schedule in relation to which the rateable value in the year beginning on 1st April 1990 is determined as provided in paragraph (b) of article 6.
(2) The rateable value in the year beginning on 1st April 1991 of any class of hereditaments to which this article applies shall be determined in accordance with paragraph (3).
(3) For the purposes of paragraph (2), where in relation to a class of hereditaments a calculation in respect of that year according to formula 3, that is to say—
produces an amount greater that that produced by a calculation in accordance with the standard formula, the rateable value of that class of hereditaments shall be the amount calculated in accordance with formula 3; and in any other case it shall be the amount calculated in accordance with the standard formula.
11.—(1) This article applies to any class of hereditaments in relation to which the rateable value in the year beginning on 1st April 1991 falls in pursuance of article 10 to be determined in accordance with formula 3.
(2) The rateable value in any intermediate year of any class of hereditaments to which this article applies shall be determined in accordance with paragraph (3).
(3) Where in relation to a class of hereditaments and any such year a calculation according to formula 4, that is to say—
produces an amount greater than that produced by a calculation in accordance with the standard formula, the rateable value of that class of hereditaments in that year shall be the amount calculated in accordance with formula 4; and in any other case it shall be the amount calculated in accordance ith the standard formula.