Regulation 7 Amount payable as ratesI1

Where the notional liability in respect of any lands and heritages to which this Part applies on any day in the relevant year is more than the transitional limit in respect of those lands and heritages on that day, the amount payable as rates in respect of those lands and heritages on that day is, subject to Part 3, that transitional limit, calculated in accordance with regulation 9.