PART 2Lands and heritages on roll on 1st April 2017

Changes in rateable value after 1st April F4202211

1

Where, subsequent to 1st April F52022, the rateable value of lands and heritages to which this Part applies is increased with effect from a day in the relevant year (the “effective day”), the transitional limit in respect of those lands and heritages is, as regards days in that year on and after that effective day, to be calculated in accordance with the formula—F3

T L   + ( I R V   −   R V )   ×   P F 365math

where—

TL is the transitional limit in respect of those lands and heritages and the day immediately prior to the effective day;

IRV is the increased rateable value of those lands and heritages;

RV is their rateable value immediately prior to the effective day; and

F2PF is the poundage figure of—

  1. i

    F60.524 where the lands and heritages have a rateable value exceeding £95,000,

  2. ii

    F70.511 where the lands and heritages have a rateable value exceeding £51,000, but not exceeding £95,000, or

  3. iii

    F80.498 in any other case.

2

Where the rateable value of lands and heritages to which this Part applies is reduced with effect from a day in the relevant year subsequent to 1st April F92022, as a result of—

a

a material change of circumstances (within the meaning of section 37(1) of the 1975 Act M1); or

b

the assessor amending or adding an apportionment note under paragraph 2 of schedule 5 of the 1992 Act,

the transitional limit in respect of those lands and heritages is, as regards days in that year on and after that effective day, to be calculated in accordance with the formula—

T L   ×   R R V R Vmath

where—

TL and RV have the same meanings as in paragraph (1); and

RRV is the reduced rateable value of those lands and heritages.

F13

Where regulation 9(3) applies, this regulation does not apply.