Rateable values
8. In the case of each class of English hereditaments and each class of Welsh hereditaments, paragraphs 2 to 2B of Schedule 6 to the 1988 Act shall not apply in any year beginning on or after 1st April 1995 and its rateable value—
(a)in the year beginning on 1st April 1995, shall be the amount specified in relation to it in the Schedule; and
(b)in any year beginning on or after 1st April 1996, shall be the amount produced by applying the standard formula in relation to that class.