Regulation 12 Changes in rateable value after 1st April 2005

Where, subsequent to 1st April 2005, the rateable value of lands and heritages to which this Part applies is increased with effect from a day in the relevant year (the “effective day”), the upper and lower transitional limits in respect of those lands and heritages shall, as regards days in that year on and after that effective day, be calculated in accordance with the formula–

$$\mathrm{TL}+\genfrac{}{}{0.1ex}{}{\left(\mathit{IRV}-\mathit{RV}\right)\times \mathit{PF}}{\mathrm{365}}$$

where–

• TL is the upper, or as the case may be lower, transitional limit in respect of those lands and heritages and the day immediately prior to the effective day;

• IRV is the increased rateable value of those lands and heritages;

• RV is their rateable value immediately prior to the effective day; and

• PF is the poundage figure of 0.461.

Where the rateable value of lands and heritages to which this Part applies is reduced with effect from a day in the relevant year subsequent to 1st April 2005, as a result of–

the upper and lower transitional limits in respect of those lands and heritages shall, as regards days in that year on and after that effective day, be calculated in accordance with the formula–

$$\genfrac{}{}{0.1ex}{}{\mathit{TL}\times \mathit{RRV}}{\mathit{RV}}$$

where–

• TL and RV have the same meanings as in paragraph (1) above; and

• RRV is the reduced rateable value of those lands and heritages.