Article 6 Redetermination of net annual value

For the year ending 31st March 1999 and each subsequent year, the net annual value of a hereditament consisting of the properties to which Part IV applies shall be calculated in accordance with the formula:—

A \times \frac{O}{488.66}

where—

A is the net annual value of the hereditament for the year immediately preceding the year in question; and
O is the total length of railway track measured in kilometres, for the year in question, occupied by the Company and used primarily for the conveyance of railway traffic.