Article 3 Rateable values of Railtrack and the British Railway Board

(1)

Article 5 is amended as follows.

(2)

There are omitted from paragraph (1) the words–

(a)

from “either”, where it first occurs, to “Welsh railway hereditament and”, and

(b)

from “as follows” to “London underground hereditaments” in sub-paragraph (e).

(3)

For paragraph (2) there is substituted–

“(2)

In each subsequent year, the rateable value of the London Underground hereditaments shall be the amount produced in respect of that year by applying the standard formula in relation to those hereditaments.”

(4)

At the end there is added–

“(3)

In the case of either English railway hereditament and either Welsh railway hereditament, paragraphs 2 to 2B of Schedule 6 to the Act shall not apply in any year beginning on or after 1st April 1999, and in any such year the rateable values of each such hereditament shall be the amount specified in relation to each ratepayer and each such hereditament in the following table–

Ratepayer English railway hereditament Welsh railway hereditament

British Railways Board £95,100 £21,123
Railtrack PLC £206,144,100 £10,383,100

”

Ratepayer	English railway hereditament	Welsh railway hereditament
British Railways Board	£95,100	£21,123
Railtrack PLC	£206,144,100	£10,383,100