Regulation 31 Appropriate fraction for defined class of hereditaments

(1)

The appropriate fraction for a relevant year for a defined class of hereditaments shall be found by applying the formula—

\frac{X}{100} \times Q

(2)

For the purposes of this regulation—

(a)

where the notional chargeable amount for the class of hereditaments for the relevant year exceeds the base liability for the class for the year, X is 110,

(b)

where the notional chargeable amount for the class of hereditaments for the relevant year does not exceed the base liability for the class for the year, then —

(i)

for the relevant years beginning on 1 April 1995 and 1 April 1996, X is 95;

(ii)

for the relevant year beginning on 1 April 1997, X is 85;

(iii)

for the relevant years beginning on 1 April 1998 and 1999, X is 70.

(3)

For the purposes of this regulation —

(a)

Q is the amount found by applying the formula—

\frac{RPI (1)}{RPI (2)}

(b)

RPI(1) is the retail prices index for September of the financial year preceding the relevant year concerned;

(c)

RPI(2) is the retail prices index for September of the financial year which precedes that preceding the relevant year concerned;

(d)

Q shall, if not a whole number, be calculated to three decimal places only —

(i)

adding one thousandth where (apart from this sub-paragraph) there would be more than five ten-thousandths, and

(ii)

ignoring the ten-thousandths where (apart from this sub-paragraph) there would be five, or less than five, ten-thousandths.