Regulation 10 Lower transitional limit

(1)

The lower transitional limit in respect of any lands and heritages to which this Part applies and any day shall, subject to regulation 12 below, be calculated in accordance with the formula—

\frac{BL \times ALF}{365}

where—

BL has the same meaning as in regulation 9(1) above; and
ALF is the appropriate lower figure in respect of those lands and heritages, ascertained in accordance with paragraph (2) below.

(2)

The appropriate lower figure in respect of lands and heritages is—

(a)

0.987, where the lands and heritages have a rateable value of £10,000 or more on 1st April 1996; and

(b)

0.935, in any other case.