Article 18 London Underground and Tyne and Wear Metro

This article applies to railway hereditaments occupied by London Underground Limited and such hereditaments occupied by the Tyne and Wear Passenger Transport Executive.

Where in relation to any year the value attributable to j in respect of either class of hereditaments to which this article applies is less than that produced by calculating in respect of the class in accordance with the formula—

$$\mathrm{J}\left(\genfrac{}{}{0.1ex}{}{\mathrm{105}}{\mathrm{100}}\right)$$

(“the upper threshold”) and greater than that produced by calculating in accordance with the formula—

$$\mathrm{J}\left(\genfrac{}{}{0.1ex}{}{\mathrm{95}}{\mathrm{100}}\right)$$

(“the lower threshold”) the recalculation factor applicable to that class—

Where in relation to any year the value attributable to j in respect of either class of hereditaments is equal to or exceeds the upper threshold or is equal to or lower than the lower threshold, the recalculation factor applicable to that class in that year shall be the figure produced by calculating in accordance with the formula—

$$\genfrac{}{}{0.1ex}{}{\mathrm{T}\times \mathrm{P}}{3}\mathrm{.}$$

In relation to either class of hereditaments and any year beginning after the year in which paragraph (3) first applies to that class, paragraph (2) shall apply as if for J there were substituted K, where K is a number having the same value as j in the last foregoing year in relation to which the applicable recalculation factor for that class was that determined in accordance with paragraph (3).