(1)This section applies in respect of the year ending 31 March 2020.
(2)The regional rate to be levied on the rateable net annual values of hereditaments is to be 34.01 pence in the pound.
(3)The regional rate to be levied on the rateable capital values of hereditaments is to be 0.4574 pence in the pound.
(4)A rate specified in subsection (2) or (3) may be varied by an order made by the Department under Article 7(1) of the Rates Order.
(5)An order made by virtue of subsection (4)—
(a)may be made only after the first occasion on which all the Ministerial offices are filled after the passing of this Act, but
(b)may set the rate in respect of the whole of the year for which it is made.
(6)In this section—
“the Ministerial offices” means—
the offices of First Minister and deputy First Minister, and
the Ministerial offices to be held by Northern Ireland Ministers (within the meaning of the Northern Ireland Act 1998);
“the Rates Order” means the Rates (Northern Ireland) Order 1977 (S.I. 1977/2157 (N.I. 28));
and any expression used in this section and in the Rates Order has the meaning given by that Order.