Calculation of the amount to be disregarded: class C
16. For the purposes of regulation 12, the amount to be disregarded in relation to an authority for a relevant year in respect of a hereditament within class C is the total of the amounts calculated for each day of the year in accordance with the formula—
where—
E is the non-domestic rating income in respect of that hereditament;
K is the amounts credited to the authority’s collection fund income and expenditure account on the day in accordance with proper practices in respect of non-domestic rates payable in respect of that hereditament under sections 43 and 45 of the 1988 Act in respect of a day on which the rateable value shown for the hereditament in a local non-domestic rating list was the same or less than the notional 31st March 2013 rateable value determined in accordance with Schedule 1 or 2 (as the case may be);
L is the amounts charged to the authority’s collection fund income and expenditure account on the day in accordance with proper practices in respect of non-domestic rates payable in respect of that hereditament under sections 43 and 45 of the 1988 Act in respect of a day on which the rateable value shown for the hereditament in a local non-domestic rating list was the same or less than the notional 31st March 2013 rateable value determined in accordance with Schedule 1 or 2 (as the case may be);
H is the rateable value shown for the hereditament in a local non-domestic rating list for the day; and
M is the notional 31st March 2013 rateable value in respect of the hereditament determined in accordance with Schedule 1 or 2 (as the case may be).