# The British Waterways Board (Rateable Values) (Scotland) Amendment Order 1988, Note: Explanatory note


(This note is not part of the Order)
The aggregate rateable values of the lands and heritages comprising the operational under-taking of the British Waterways Board in Scotland are, by virtue of the British Waterways Board (Rateable Values) (Scotland) Order 1985, calculated by a formula applied to the Board’s gross receipts in the years which are two and three years prior to the year in respect of which the aggregate rateable value is being determined. The formula provides however for the receipts in each year to be adjusted by reference to the retail prices index for September of that year (in order to counteract the effect of inflation).
The retail prices index was re-referenced to January 1987, and one unintended effect of this-because of the wording of the formula in the 1985 Order-would be significantly to increase the Board’s aggregate rateable value in 1989-90. This Amendment Order therefore amends the 1985 Order to take account of the re-referenced index and so maintain the intended effect of the 1985 Order.
For the avoidance of any doubt, the Amendment Order also clarifies what index is to be used.

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Source: https://www.legislation.gov.uk/uksi/1988/1219/note (the official version)
Page: https://openlegislation.uk/british-waterways-board-rateable-values-scotland-amendment-order-1988/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.