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The Railways (Rateable Values) Order 1994
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Recalculation factor — London Underground Limited
8.—(1) This article applies to the London Underground hereditaments.
(2) Where in relation to any year the value attributable to j in respect of the hereditaments to which this article applies is less than that calculated in respect of those hereditaments in accordance with the formula—
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(“the upper threshold”) and greater than that calculated in accordance with the formula—
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(“the lower threshold”) the recalculation factor applicable to those hereditaments—
(a)in the first such year shall be 0, and
(b)in any subsequent such year shall be an amount equal to the recalculation factor applicable in accordance with this article in the relevant preceding year.
(3) Where in relation to any year the value attributable to j in respect of the hereditaments to which this article applies is equal to or exceeds the upper threshold or is equal to or lower than the lower threshold, the recalculation factor applicable to those hereditaments in that year shall be the figure calculated in accordance with the formula—
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(4) In relation to the hereditaments to which this article applies and any year beginning after the year in which paragraph (3) first applies to those hereditaments, paragraph (2) shall apply as if for J there were substituted K, where K is a number having the same value as j in the last foregoing year in relation to which the applicable recalculation factor for those hereditaments was that determined in accordance with paragraph (3).
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