Paragraph 7 Changes in the value of new hereditament: year of creation

Sub-paragraph (2) applies in respect of a new hereditament in a year in which the creation day falls where for a chargeable day after the creation day the rateable value shown in the list for the hereditament is greater than that shown for the creation day.

Where this sub-paragraph applies, paragraphs 3 to 6 shall have effect as regards the hereditament for the chargeable day as if the reference in those paragraphs to–

• were a reference to–

  $$\genfrac{}{}{0.1ex}{}{\mathrm{R}\times \mathrm{J}}{\mathrm{S}}+\genfrac{}{}{0.1ex}{}{\left(\mathrm{N}-\mathrm{J}\right)\times \mathrm{B}}{\mathrm{C}}$$

  .

Sub-paragraph (4) applies in respect of a new hereditament in a year in which the creation day falls where for a chargeable day after the creation day the rateable value shown in the list for a hereditament is less than that shown in the list for the creation day.

Where this sub-paragraph applies, paragraphs 3 to 6 shall have effect as if the reference in those paragraphs to–

• were a reference to–

  $$\genfrac{}{}{0.1ex}{}{\mathrm{R}\times \mathrm{J}}{\mathrm{S}}\times \genfrac{}{}{0.1ex}{}{\mathrm{N}}{\mathrm{J}}$$

  .

For the purposes of sub-paragraphs (2) and (4)–

• B is the non-domestic rating multiplier for the relevant year in which the creation day falls, or, where the hereditament is situated in the area of a special authority, the non-domestic rating multiplier of the special authority;

• C is the number of days in the relevant year in which the creation day falls;

• N is the rateable value shown for the new hereditament for the chargeable day in the list; and

• R, J and S have the meanings given in paragraph 3, 4, 5 or 6, as the case may be.