Regulation 3 Amendment of the Non-Domestic Rating (Rates Retention) Regulations 2013

In the Non-Domestic Rating (Rates Retention) Regulations 2013^f1, for paragraph 1(2)(b) of Schedule 1 (non-domestic rating income) substitute—

“(b)

X, where the value of X—

(i)

for the financial year beginning on 1st April 2013 is £10,538,000;

(ii)

for the financial year beginning on 1st April 2023 is £12,515,000;

(iii)

for any other year is determined by the formula—

$$X_1\times \left(\raisebox{1ex}{$S_2$}\!\left/ \!\raisebox{-1ex}{$S_1$}\right.\right)$$

Where—

• X₁ is the value of X for the preceding year;

• S₂ is the small business non-domestic rating multiplier for the relevant year;

• S₁ is the small business non-domestic rating multiplier for the preceding year.”.