Article 5 Rateable values
The rateable values of English telecommunications hereditaments and Welsh telecommunications hereditaments occupied by Mercury in the year beginning on 1st April 1990 shall be 8,608,755 and 63,769 respectively.
In each year beginning on or after 1st April 1991, the rateable values of English telecommunications hereditaments and Welsh telecommunications hereditaments occupied by Mercury shall be the amounts produced by calculating in respect of each class in accordance with the formula—
where
-
Q is the amount specified as applicable to each class of hereditament in that year in the Table, and
-
U is the recalculation factor determined as provided in paragraph (3).
TABLE
Rateable values from 1991
| Year beginning in | Rateable value in millions | |
|---|---|---|
| English telecommunications hereditaments | Welsh telecommunications hereditaments | |
| £ | £ | |
| 1991 | 9.831566 | 0.072827 |
| 1992 | 11.054377 | 0.081885 |
| 1993 | 12.277188 | 0.090943 |
| 1994, and any subsequent year | 13.5 | 0.1 |
In this article the value attributable in any relevant year to the factor U is to be determined by calculating in accordance with the formula—
where—
-
Q is the amount ascertained from the Table as applicable to the class of hereditaments in question in the relevant year;
-
k is the length of cable used by Mercury to provide a telecommunications service in England or, as the case may be, in Wales, on 31st March in the relevant preceding year, estimated to the nearest whole kilometre, and
-
K is the length of cable used by Mercury to provide such a service in England or, as the case may be, in Wales, on 31st March 1990, estimated to the nearest whole kilometre.