PART 4Prescribed rules
Rules for finding the chargeable amount
11. For the purpose of section 58(3)(a) of the Act, the chargeable amount for a defined hereditament to which regulation 8 applies (cases that fall within the prescribed description) is to be found in accordance with the rules prescribed in regulations 12 to 17.
12. The chargeable amount for a relevant day is the amount calculated in accordance with section 43 or 45 of the Act as appropriate, less the amount calculated under whichever of regulations 14 to 17 applies.
13. If the result of reducing the chargeable amount in accordance with the rules in regulations 14 to 17 is to produce a negative figure, the chargeable amount is zero.
Financial year commencing on 1 April 2017
14. In the financial year commencing on 1 April 2017, the chargeable amount is reduced by an amount calculated by applying the formula—
Financial year commencing on 1 April 2018
15. In the financial year commencing on 1 April 2018, the chargeable amount is reduced by an amount calculated by applying the formula—
Financial year commencing on 1 April 2019
16. In the financial year commencing on 1 April 2019, the chargeable amount is reduced by an amount calculated by applying the formula—
Financial years commencing on 1 April 2020 and 1 April 2021
17. In the financial years commencing on 1 April 2020 and 1 April 2021 the chargeable amount is reduced by zero.