Rateable values5.

(1)

In the case of either English railway hereditament, either Welsh railway hereditament and the London Underground hereditaments, paragraphs 2 to 2B8 of Schedule 6 to the Act shall not apply in any year beginning on or after 1st April 1995 and the rateable values of such hereditaments in the year beginning on 1st April 1995 shall be as follows—

(a)

in the case of the English railway hereditament occupied by Railtrack PLC, £206,114,100;

(b)

in the case of the Welsh railway hereditament occupied by Railtrack PLC, £10,383,100;

(c)

in the case of the English railway hereditament occupied by the British Railways Board, £10,848,100;

(d)

in the case of the Welsh railway hereditament occupied by the British Railways Board, £321,100; and

(e)

in the case of the London Underground hereditaments, £44,600,000.

(2)

In each subsequent year, the rateable value of each English railway hereditament, each Welsh railway hereditament and the London Underground hereditaments referred to in paragraph (1), respectively, shall be the amount produced in respect of that year by applying the standard formula in relation to such hereditaments.