PART VCHARGEABLE AMOUNTS CLASS OF CENTRAL LIST HEREDITAMENTS

Defined class of hereditaments: case for which regulation 33 determines chargeable amount32

1

Regulation 33 applies to a defined class of hereditaments for a relevant day (the day concerned) if —

a

as regards the class of hereditaments the day concerned is a chargeable day for which a chargeable amount would, but for these Regulations, fall to be determined under section 54 of the Act, and

b

NCA is

i

greater than BL and greater than (BL × AF), or

ii

less than BL and less than (BL × AF).

2

For the purposes of this regulation —

a

NCA is the notional chargeable amount for the class of hereditaments for the relevant year within which the day concerned falls,

b

BL is the base liability for the class of hereditaments for the relevant year within which the day concerned falls,

c

AF is the appropriate fraction for the class of hereditaments for the relevant year within which the day concerned falls.