The Railtrack plc (Rateable Value) (Wales) Order 2000

Recalculation factor

5.—(1) In any year beginning on or after 1st April 2001, the rateable value of the relevant hereditament shall be the amount produced by adding £6,240,000 and the recalculation factor calculated under this Article.

(2) Subject to paragraph (4), this paragraph applies for the purposes of calculating the recalculation factor where in relation to a relevant year the amount produced by calculating in relation to the relevant hereditament in accordance with the formula —

is 0.05, −0.05 or any number between those numbers.

(3) The recalculation factor in relation to a relevant year in respect of which paragraph (2) applies is 0.

(4) In relation to a relevant year —

(a) in respect of which the amount calculated in accordance with paragraph (2) is greater than 0.05 or less than −0.05, or

(b) in respect of which paragraph (2) does not apply in respect of the relevant preceding year,

the recalculation factor is the amount produced by calculating in accordance with the formula —

Tk - KK

(5) For the purposes of this article —

• T has the value £6,240,000;

• K is the estimated relevant track length as at 31st March 2000;

• k is the estimated relevant track length as at 31st March in the relevant preceding year.