Article 2 Interpretation

In this Order—

• “the Act” means the Local Government Finance Act 1988;

• “English railway hereditament” means a hereditament described in regulation 3(2) or (3) of the Non-Domestic Rating (Railways, Telecommunications and Canals) Regulations 1994^f1 and required by virtue of regulation 6(1) of and Part 4 of the Schedule to the Central Rating Lists Regulations 1994^f2 to be shown in the central rating list for England;

• “London Underground hereditaments” means the hereditaments occupied (or, if unoccupied, owned) by London Underground Limited and required by virtue of regulation 6(1) of and Part 4 of the Schedule to the Central Rating Lists Regulations 1994 to be shown in the central rating list for England;

• “recalculation factor” means in relation to an English railway hereditament, a Welsh railway hereditament and the London Underground hereditaments the factor determined in relation to that hereditament or those hereditaments in accordance with article 7 or 8, as the case may be;

• “relevant year” means any year for which a rateable value falls to be determined in accordance with this Order, and “relevant preceding year” means the year preceding a relevant year;

• “the standard formula” means the formula

  $$\mathrm{T}+\mathrm{U}$$

  where—

  a

• T is the rateable value specified in regulation 5 for the year beginning on 1st April 1995 in respect of an English railway hereditament, a Welsh railway hereditament or the London Underground hereditaments, as the case may be; and

b

• U is the recalculation factor applicable to that hereditament or those hereditaments in respect of the relevant year;

• “Welsh railway hereditament” means a hereditament described in regulation 3(2) or (3) of the Non-Domestic Rating (Railways, Telecommunications and Canals) Regulations 1994 and required by virtue of regulation 6(2) of and Part 4 of the Schedule to the Central Rating Lists Regulations 1994 to be shown in the central rating list for Wales; and

• “year” means a chargeable financial year.