Paragraph 2 Manner of determinationI1

The product of a capital value rate of one penny in the pound in any district for any year shall be determined by deducting from the gross rate income from each hereditament or part of a hereditament in the capital value list in the district the cost of collection and the loss on collection attributable to those hereditaments or part hereditaments and dividing the remainder by the total of the pence in the pound of the capital value rates made for the year.