Paragraph 5 Interpretation of Part 3I1

In this Part—

• J is the baseline amount calculated for the preceding year;

• K is the amount provided in column 4 of the table in Schedule 1 in relation to the designated area;

• L is the aggregate rateable values shown in the billing authority’s local list for 1st April in the specified year for the hereditaments, other than those hereditaments to which paragraph 2(2) applies, falling within the designated area;

• M is the aggregate rateable values shown in the billing authority’s local list for 31st March in the preceding year for the hereditaments, other than those hereditaments to which paragraph 2(2) applies, falling within the designated area;

• N₁ is the small business non-domestic rating multiplier for the preceding year;

• N₂ is the small business non-domestic rating multiplier for the specified year.

For the purposes of paragraph 3 of this Schedule, the rateable value of a hereditament shown in the billing authority’s local list for 31st March in the preceding year is taken to be the rateable value that would have been shown in that list for that day had the circumstances relating to that hereditament been as they were on 1st April in the specified year.