Regulation 10 Reduction in rateable value on 1st April 2003

Where the rateable value of lands and heritages to which this Part applies is reduced on 1st April 2003, as a result of–

the ARP shall not be payable but shall be calculated in accordance with the formula–

$$\mathrm{ARP}=\mathrm{NL}+\left(0.261/0.522\times \mathrm{BTA}\times \left[\mathrm{RV}/\mathrm{PRV}\right]\right)$$

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 2003; and

• PRV is the rateable value of those lands and heritages on 31st March 2003.