In respect of the year ending on 31st March 2023 and each subsequent year, in making the district rates referred to in regulation 2, a district council shall consider whether to make a capital value district rate in accordance with the formula—

$$A=B\times C$$

where—

A is the capital value district rate;

B is the net annual value district rate made by that council; and

C is the conversion factor for that council as set out in Table 1.