This regulation applies to lands and heritages on any day in the relevant year when they have a rateable value exceeding £29,000.

The additional amount payable as rates in respect of lands and heritages for a day in the relevant year on which this regulation applies to them shall be calculated in accordance with the formula–

$\mathrm{AARP}=\genfrac{}{}{0.1ex}{}{\left(\mathrm{RV}\times S\right)}{366}$

where–

• AARP is the additional amount of rates payable;

• RV is the rateable value of the lands and heritages on that day;

• S is the additional factor of 0.003.