Article 3 Removal of exemption for industrial hereditaments

Paragraph 4 of Schedule 7 to the principal Order (which provides for the rateable value of industrial hereditaments which are distinguished in the valuation list as being occupied and used wholly for industrial purposes to be nil) shall cease to have effect F1. . . .

That paragraph and paragraph 4B of that Schedule shall have effect until F2paragraph (1) comes into operation as follows.

In paragraph 4(2) before the word “nil” there shall be inserted the words “ subject to sub-paragraph (3) ”.

After paragraph 4(2) there shall be added the following sub-paragraphs—

“(3)

For the purposes of sub-paragraph (2) the rateable value of a hereditament for any year specified in this sub-paragraph shall be the following percentage of its net annual value—

(a)

for 2005–2006, 15 per cent.;

(b)

for 2006–2007, 25 per cent.;

(c)

for 2007–2008, 35 per cent.;

(d)

for 2008–2009, 50 per cent.;

(e)

for 2009–2010, 75 per cent.;

(f)

for 2010–2011, 75 per cent.

(4)

In sub-paragraph (3) “2005–2006” means the year ending on 31st March 2006 and similar expressions shall be construed accordingly.

(5)

The Department may by order subject to affirmative resolution direct that for any percentage specified in sub-paragraph (3) there shall be substituted such other percentage as may be specified in the order.” .

In paragraph 4B(1) (rateable value of hereditaments occupied and used partly for industrial purposes or transport purposes and partly for other purposes), immediately before head (a) there shall be inserted the following head—

“(za)

the relevant percentage (if any) specified in paragraph 4(3) of so much of its net annual value as is shown in the list as apportioned to the occupation and use of the hereditament for industrial purposes;” .