Article 4 Amendment of Part II

In Part II (initial rateable values)—

(a)

for paragraph (b) of article 5 (interpretation) there is substituted the following—

“(b)

T and U have the meanings given in the definition of “the standard formula”.”; and

(b)

in article 11 (decreasing rateable values)—

(i)

in paragraph (2), for the words “The rateable value” there are substituted the words “Except in a case to which paragraph (2A) applies, the rateable value”;

(ii)

after paragraph (2) there is inserted the following—

“(2A)

This paragraph applies to any class of hereditaments included in combined hereditaments within the meaning of Part V.

(2B)

In a case to which paragraph (2A) applies, article 17 shall apply as if the rateable value of the class in question for the year in which it is first included as mentioned in that paragraph and later years would (but for that article) have been determined in accordance with Part III.”; and

(ii)

in paragraph (3) for the words “any such year” there are substituted the words “any intermediate year”.