Redetermination of net annual value7.

For the year ending 31st March 2005 and each subsequent year, the net annual value of the hereditament consisting of the properties to which Part IV applies shall be calculated in accordance with the formula: –

£1,280,000×OKmath

where –

  • O is the total length of railway track measured in kilometres, as at 31st March in the relevant preceding year, occupied by the Company and used primarily for the conveyance of railway traffic; and

  • K is the total length of railway track measured in kilometres, as at 31st March 2003, occupied by the Company and used primarily for the conveyance of railway traffic.