Regulation 7 Amendment of regulation 16

for the formula which appears immediately after the opening words substitute—

“”;

$$(E - (K - L\left)\right) \times \left(\right(H - M) / H) \times N$$

after the definition of “M” insert—

• ““N” is—

  1. (a)

     for a relevant year ending on or before 31st March 2026, 1;

  2. (b)

     for a relevant year beginning on or after 1st April 2026, the relevant multiplier ratio in respect of the hereditament for the day.”.