Regulation 10 Decreases in rateable value after 1st April 1990

This regulation applies where–

In any case to which this regulation applies, the reference in regulation 3(1)(a) to “that notional rateable value” shall be construed, as from the date from which the reduction in the rateable value of those lands and heritages takes effect, as referring to the notional rateable value for those lands and heritages for the prescribed financial year as reduced by the product of the following formula:

$$\genfrac{}{}{0.1ex}{}{\mathrm{A}\times \mathrm{C}}{\mathrm{B}}$$

where–

a

A is the notional rateable value of those lands and heritages for the prescribed financial year;

b

B is the amount of the rateable value of those lands and heritages which appeared in the valuation roll on 1st April 1990; and

c

C is the amount of the reduced rateable value of those lands and heritages then appearing in the valuation roll.