4. The Housing Investment Trusts (Assured Tenancies) Regulations (Northern Ireland) 1996(1) shall be amended as follows—
(a)in Part I of the Schedule—
(i)in paragraph 2—
(aa)in the heading for the words “net annual” substitute “capital”;
(bb)for “net annual value” there shall be substituted “capital value”;
(cc)for “£750” there shall be substituted “£750,000”;
(ii)in paragraph 3, for “two-thirds” there shall be substituted “0.1087 per cent.”.
(b)in Part II of the Schedule—
(i)for part heading “Net Annual Values” there shall be substituted “Capital Values”;
(ii)in paragraph 9(1)—
(aa)for “net annual value” there shall be substituted “capital value”;
(bb)in sub-head (a) for “net annual value”, in both places where it occurs, there shall be substituted “capital value” and for “the valuation list” there shall be substituted “a capital value list”;
(cc)in sub-head (b) for “net annual value” there shall be substituted “capital value”;
(iii)in paragraph 10—
(aa)for “net annual value”, wherever it occurs, there shall be substituted “capital value”;
(bb)for “valuation list” wherever it occurs there shall be substituted “a capital value list”.
(iv)after paragraph 10 insert—
“(11) In these Regulations—
(a)“capital value” means capital value for the purposes of the Rates (Northern Ireland) Order 1977 and shall be construed in accordance with Article 39 of that Order;
(b)“capital value list” has the meaning given by Article 40(1)(b) of the Rates (Northern Ireland) Order 1977.”.