31C.—(1) Regulations may provide that the amount which, apart from the regulations, would be payable on account of a rate in respect of the net annual value of a specified hereditament for a specified year shall be reduced by a specified percentage [F2or a specified amount] if—
(a)the net annual value of the hereditament does not [F3exceed such other] specified amount; and
(b)specified conditions are satisfied.
(2) In this Article—
“specified” means specified in regulations;
“specified hereditament” means a hereditament which falls within a specified class;
“specified percentage” includes a hundred per cent.
(3) Regulations may contain such provision as the Department considers necessary or expedient for the purposes of this Article.]
F1Art. 31C substituted (14.12.2009) by Rates (Amendment) Act (Northern Ireland) 2009 (c. 8), ss. 1, 19; S.R. 2009/375, art. 2(2), Sch. 2
F2Words in art. 31C(1) inserted (29.4.2014) by Financial Provisions Act (Northern Ireland) 2014 (c. 6), ss. 7(a), 13(1)
F3Words in art. 31C(1)(a) substituted (29.4.2014) by Financial Provisions Act (Northern Ireland) 2014 (c. 6), ss. 7(b), 13(1)