Decreases in rateable value after 1st April 1990
7.—(1) Subject to the following provisions of these Regulations, this regulation applies where—
(a)there is a notional rateable value determined for any lands and heritages for the prescribed financial year under regulation 4; and
(b)the rateable value of those lands and heritages which appeared in the valuation roll on 1st April 1990 is decreased with effect from a date later than that date, except in the circumstances described in regulation 5(3)(a)(ii).
(2) In any case to which this regulation applies, the reference in regulation 3(1)(a) to “that notional rateable value” shall be construed, as from the date from which the reduction in the rateable value of those lands and heritages takes effect, as referring to the product of the following formula:—
where—
A is the notional rateable value of those lands and heritages for the prescribed financial year;
B is the amount of the rateable value of those lands and heritages which appeared in the valuation roll on 1st April 1990; and
C is the amount of the reduced rateable value of those lands and heritages appearing in the valuation roll on the date on which the reduced rateable value of those lands and heritages takes effect.