Article 3 Amendment of Part I

In article 2 (interpretation), after the definition of “relevant year” there is inserted the following definition—

• ““the standard formula” means the formula

  $$\mathrm{T}+\mathrm{U}$$

  where—

  • T is the amount specified in relation to a class of hereditaments in column 1 of the Schedule; and

  • U is the recalculation factor applicable to that class determined in accordance with Part IV in respect of the relevant year;”.