Paragraph 2 Manner of determinationI1

The product of a NAV 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 any part of any hereditament in the NAV list in the district the cost of collection and the loss on collection attributable to those hereditaments or any part hereditaments and dividing the remainder by the total of the pence in the pound of the NAV rates made for that year.