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Article 8 Interpretation

Original text. Later amendments are not shown.

In this Part—

(a)

in any formula—

  • B is the figure applicable in relation to the relevant year for the purposes of paragraph 5(3) of Schedule 7 to the Act;

  • C is the figure applicable in relation to the relevant year for the purposes of paragraph 5(4) of Schedule 7 to the Act;

  • I is the figure for the retail prices index for September in the relevant preceding year; and in relation to any class of hereditaments—

  • R is the recalculation factor applicable to that class determined under Part V in respect of the relevant preceding year;

  • RV is the rateable value of that class in the relevant preceding year;

(b)

T is the amount specified in relation to a class of hereditaments in column 1 of the Schedule, and U is the recalculation factor applicable to that class determined in accordance with Part V in respect of the relevant year; and “the standard formula” means the formula

T+U;
(c)

“intermediate year”, in relation to a class of hereditaments to which paragraph (a) or (b) of article 9 applies, means any year beginning on or after 1st April 1992 and ending no later than the end of the year in which the rateable value of that class first falls by virtue of this Part to be determined in accordance with the standard formula; and any reference to a class of hereditaments is to a class of railway hereditaments in relation to which an amount is specified in each column of the Schedule.