PART IVRELIEFS AND EXEMPTIONS ETC.
Transitional relief
Transitional rate relief18
1
Article 33A of the principal Order (transitional rate relief) shall be amended as follows.
2
In paragraph (1)—
a
for the words from the beginning to “of the new valuation list,” there shall be substituted the words “
Where this Article applies,
”
; and
b
in sub-paragraph (b)(ii), for the words “any such difference in the net annual value” there shall be substituted the words “
the new net annual value or the new capital value
”
.
3
For paragraph (2) there shall be substituted the following paragraphs—
2
This Article applies where, on the coming into force of a new valuation list—
a
a new net annual value; or
b
a new capital value,
is ascribed to a specified hereditament in that list.
3
In this Article—
“a new capital value”, in relation to a specified hereditament, means—
a
a capital value which differs from the capital value ascribed to the hereditament in an old list;
b
a capital value where no capital value was ascribed to the hereditament in an old list;
“new net annual value”, in relation to a specified hereditament, means—
a
a net annual value which differs from the net annual value ascribed to the hereditament in an old list;
b
a net annual value where no net annual value was ascribed to the hereditament in an old list;
“old list” means a valuation list in force immediately before the coming into force of the new valuation list referred to in paragraph (2) (including a valuation list which continues to have effect thereafter);
“specified hereditament” means a hereditament of such a class as may be specified in an order under paragraph (1).