Notional chargeable amount: early relevant years
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Memorandwm Esboniadol
7.—(1) Subject to paragraphs (3) to (4), the notional chargeable amount for a defined hereditament for an early relevant year is the amount found by applying the formula—
(2) For the purposes of this regulation—
A is the rateable value shown in a list for the hereditament for 1st April 2023; and
D is the small business non-domestic rating multiplier for the relevant year.
(3) Where regulation 16 (change in rateable value on 1st April 2023) applies, references in this regulation to rateable value have effect subject to the modifications made in paragraph (2) of that regulation.
(4) For a hereditament to which the Schedule (splits and mergers) applies, paragraph 7 of that Schedule has effect for finding the notional chargeable amount.