Regulation 2 Maximum capital valueI1

Northern Ireland

(1)

Subject to paragraphs (2) to (5), the maximum capital value of a specified hereditament which has a rateable capital value shall be F1£400,000.

(2)

This paragraph applies to a specified hereditament which –

(a)

has a rateable capital value; and

(b)

is distinguished in the capital value list under Article 41 of the 1977 Order as exempt from rates under that list to one-half of the extent to which it is used for domestic purposes which are also exempting purposes.

(3)

Where a hereditament to which paragraph (2) applies is wholly used for domestic purposes which are also exempting purposes, its maximum capital value shall be F2£200,000.

F3(4)

Where a hereditament to which paragraph (2) applies is partly used for domestic purposes which are also exempting purposes, its maximum capital value shall be determined in accordance with the formula—

£ 250, 000 + [\frac{A \times £ 250, 000}{B}]

where –

A is the part of the capital value of the hereditament shown in the capital value list as apportioned to the use of the hereditament for purposes which are not domestic purposes which are also exempting purposes; and
B is the capital value of the hereditament.

(5)

For the purposes of paragraphs (3) and (4) there shall be disregarded any use of the hereditament which is not relevant to its capital value.

Annotations

Textual amendments

F1: Sum in reg. 2(1) substituted (1.4.2009) by The Rates (Maximum Capital Value) (Amendment) Regulations (Northern Ireland) 2009 (S.R. 2009/77), regs. 1(1), 2(1)
F2: Sum in reg. 2(3) substituted (1.4.2009) by The Rates (Maximum Capital Value) (Amendment) Regulations (Northern Ireland) 2009 (S.R. 2009/77), regs. 1(1), 2(2)
F3: Reg. 2(4): in the formula the sum of “£200,000” substituted for “£250,000” where it occurs (1.4.2009) by The Rates (Maximum Capital Value) (Amendment) Regulations (Northern Ireland) 2009 (S.R. 2009/77), regs. 1(1), 2(3)

Commencement

I1: Reg. 2 in operation at 1.4.2007, see reg. 1(1)