PART 2Specified hereditaments

Transitional net annual value3

The transitional net annual value of a specified hereditament shall be determined in accordance with the formula—

A×B=Cmath

where—

  • A is the net annual value of the hereditament which is shown immediately before the coming into operation of this Order in the valuation list then in force;

  • B is the conversion factor for the district in which the hereditament is situated as set out in the Schedule; and

  • C is the transitional net annual value.