Article 3 Transitional net annual valueI1

The transitional net annual value of a specified hereditament shall be determined in accordance with the formula—

where—

• A is the net annual value of the hereditament which is shown immediately before the coming into operation of this Order in the valuation list then in force;

• B is the conversion factor for the district in which the hereditament is situated as set out in the Schedule; and

• C is the transitional net annual value.