Article 4 Rateable values

(1)

Paragraphs 2 to 2B of Schedule 6 to the Local Government Finance Act 1988^f1 shall not apply to any hereditament to which this Order applies; and the rateable value of any such hereditament shall be—

(a)

for the year beginning on 1st April 1990, an amount equal to 9 per cent. of the relevant income of the undertaking for—

(i)

any accounting period of twelve months ending during the period beginning on 31st December 1987 and ending with 31st March 1988; or

(ii)

if there was no such accounting period, the twelve months ending on 31st March 1988,

(b)

for any subsequent year, an amount equal to 9 per cent of the adjusted income of the undertaking for—

(i)

any accounting period of twelve months ending during the period beginning on 31st December in the relevant preceding year and ending with 31st March in that year; or,

(ii)

if there is no such accounting period, the twelve months ending with that year, unless that amount differs from the rateable value for the relevant preceding year by less than 20 per cent of that rateable value, in which case the rateable value for that subsequent year shall be the same as the rateable value for the relevant preceding year.

(2)

Where (apart from this paragraph) any rateable value determined under paragraph (1) would include a fraction of a pound—

(a)

the fraction shall be made up to one pound if it would exceed 50p, and

(b)

the fraction shall be ignored if it would be 50p or less.

Annotations

Footnotes

f1: Paragraph 2 is amended by, and paragraph 2A and 2B inserted by, paragraph 38(3) to (11) of Schedule 5 to the Local Government and Housing Act 1989.