Regulation 12 Changes in rateable value after 31st March 1996

Where the rateable value of lands and heritages to which this Part applies is increased with effect from a day in the relevant year subsequent to 1st April 1996, 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—

$$\mathrm{TL}+\genfrac{}{}{0.1ex}{}{\left(\mathrm{IRV}-\mathrm{RV}\right)\times 0.449}{365}$$

where—

• TL is the upper, or as the case may be the 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; and

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

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 1996, 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—

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

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.

Where the rateable value of lands and heritages to which this Part applies is increased with effect from 1st April 1996, the upper and lower transitional limits in respect of those lands and heritages shall, as regards days prior to either paragraph (1) or (2) above taking effect, be calculated in accordance with the formula in paragraph (1) above, save that for those purposes “TL” shall be calculated in accordance with the formula in regulation 9(1) or the formula in regulation 10(1), as the case may be.

Where the rateable value of lands and heritages to which this Part applies is reduced with effect from 1st April 1996 for a reason mentioned in sub-paragraph (a) or (b) of paragraph (2) above, the upper and lower transitional limits in respect of those lands and heritages shall, as regards days prior to either paragraph (1) or (2) above taking effect, be calculated in accordance with the formula in paragraph (2) above, save that for those purposes “TL” shall be calculated in accordance with the formula in regulation 9(1) or the formula in regulation 10(1), as the case may be.