Article 4 Rateable value

For the purposes of section 6(1) of the 1975 Act and in respect of the financial years 1992-93, 1993-94 and 1994-95, the rateable value of any lands and heritages which fall within the prescribed class of lands and heritages shall be ascertained in accordance with the formula–

$$(\mathrm{A}\times \genfrac{}{}{0.1ex}{}{55}{100})+(\mathrm{B}\times \genfrac{}{}{0.1ex}{}{\mathrm{C}}{100})+\mathrm{D}$$

where–

• A is that part of the net annual value of the lands and heritages attributable to those parts of the lands and heritages used for any of the purposes specified in article 3(2) above;

• B is–

  1. (i)

     where the lands and heritages are occupied and used entirely for industrial purposes or are to be treated in terms of section 4(2)(b) of the 1928 Act as if they were so occupied and used, the total net annual value of the lands and heritages less A;

  2. (ii)

     where there is an apportioned net annual val ue in respect of the lands and heritages which is greater than A, the difference between that apportioned net annual value and A; and

  3. (iii)

     in any other case, nil.

• C is–

  1. (i)

     in respect of the financial year beginning on 1st April 1992, 75;

  2. (ii)

     in respect of the financial year beginning on 1st April 1993, 82.5; and

  3. (iii)

     in respect of the financial year beginning on 1st April 1994, the figure calculated in accordance with the formula–

$$100-\mathrm{E;}$$

• D is equal to the total net annual value of the lands and heritages, less (A + B); and

• E is the figure specified in an order made by the Secretary of State under section 6 of the 1975 Act as the percentage of the net annual value of industrial lands and heritages so far as occupied and used, or treated as occupied and used, for industrial purposes to be deducted from that value in order to ascertain their rateable value for the financial year beginning on 1st April 1994.