Rating and Valuation (Miscellaneous Provisions) Act 1955

4 If the rateable value by reference to which rates would have been leviable by a rating authority on a Gas Board for such a rate period as is mentioned in sub-paragraph (1) of paragraph 2 of this Schedule would, if the circumstances mentioned in that sub-paragraph had existed, have been greater or less than the rateable value, or aggregate of rateable values, by reference to which rates are or were so leviable apart from that sub-paragraph, then—

(a) the former rateable value shall be treated as substituted for the latter rateable value, or aggregate of rateable values, for the purpose of calculating the amount of any Exchequer Equalisation Grant payable under Part I or Part II of the Act of 1948 in respect of that rate period, or any year comprising that rate period;

(b) any amount repayable or allowable to the Gas Board by the rating authority, or recoverable from the Board by that authority, by virtue of paragraph 2 of this Schedule, shall be subtracted from, or, as the case may be, added to, the proceeds of the rates leviable by that authority in respect of the year in which that amount is found to be so repayable, allowable or recoverable; and

(c) for the purposes of any power to issue precepts, or of calculating the amount of any Exchequer Equalisation Grant or other sum payable out of moneys provided by Parliament under any enactment, the amount of those proceeds, or the gross rate income for that year of the rating area of that authority, or of any part of that area, as the case may require, shall be treated as reduced or increased accordingly.