means the formula where– T is the rateable value specified in article 5(1), and U is the recalculation factor determined under article 8 in respect of the relevant year.”
The Railways (Rateable Values) Order 1994 is amended as provided below.
Article 3Rateable values of Railtrack and the British Railway Board#
(1)Article 5 is amended as follows.
(2)There are omitted from paragraph (1) the words–
(a)from “either”, where it first occurs, to “Welsh railway hereditament and”, and
(b)from “as follows” to “London underground hereditaments” in sub-paragraph (e).
(3)For paragraph (2) there is substituted–“2 In each subsequent year, the rateable value of the London Underground hereditaments shall be the amount produced in respect of that year by applying the standard formula in relation to those hereditaments.”
(4)At the end there is added–“3 In the case of either English railway hereditament and either Welsh railway hereditament, paragraphs 2 to 2B of Schedule 6 to the Act shall not apply in any year beginning on or after 1st April 1999, and in any such year the rateable values of each such hereditament shall be the amount specified in relation to each ratepayer and each such hereditament in the following table–”
(1)Article 2(1) (interpretation) is amended as follows–
(a)the definition of “recalculation factor” is omitted;
(b)for the definition of “the standard formula” there is substituted–“• “the standard formula” means the formulawhere–T is the rateable value specified in article 5(1), andU is the recalculation factor determined under article 8 in respect of the relevant year.”
(i)for “articles 7 and 8” there is substituted “article 8”,
(ii)sub-paragraph (a) is omitted;
(iii)in sub-paragraph (b), for “the relevant designated person” there is substituted “London Underground Limited”;
(b)paragraph (2) is omitted;
(c)in paragraph (3), for “a designated person” there is substituted “London Underground Limited”, and the words “in relation to that person” are omitted.
(3)Article 7 (recalculation factor for Railtrack PLC and the British Railways Board) is omitted.
Contains public sector information licensed under the Open Government Licence v3.0.