Regulation 10 Reduction in rateable value on 1st April 2002
Where the rateable value of lands and heritages to which this Part applies is reduced on 1st April 2002, as a result of–
(a)
a material change of circumstances (within the meaning of section 37(1) of the 1975 Act); or
(b)
the assessor amending or adding an apportionment note under paragraph 2 of Schedule 5 to the 1992 Act,
the ARP shall not be payable but shall be calculated in accordance with the formula–
where–
-
ARP, NL and BTA have the same meanings as in regulation 7 above;
-
RV is the rateable value of those lands and heritages on 1st April 2002; and
-
PRV is the rateable value of those lands and heritages on 31st March 2002.