Making and levying of different rates
3.—(1) In respect of the year ending on 31st March 2008 and each subsequent year, a capital value district rate shall be made by a district council in accordance with the formula—
where—
A is the capital value district rate;
B is the net annual value district rate made by that council; and
C is the conversion factor for that council as set out in the Schedule.
(2) In this regulation—
“capital value district rate”, in relation to a district council, means a district rate made by that council on the rateable capital values of hereditaments in the district;
“net annual value district rate”, in relation to a district council, means a district rate made by that council on the rateable net annual values of hereditaments in the district.