The City of London (Non-Domestic Rating Multiplier) Order 1990

Required maximum multiplier

4.—(1) The required maximum for the Common Council’s non-domestic rating multiplier for the chargeable financial year beginning in 1990 is the figure calculated in accordance with the formula

where—

• A is the required minimum for the Common Council’s non-domestic rating multiplier calculated for the year in accordance with article 3 of this Order,

• B is 99% of the amount by which the amount calculated by the Common Council under section 95(4) of the Act(1) for the year exceeds the standard spending assessment calculated for the Council for the year in accordance with the provisions of the Distribution Report, and

• C is the total of the rateable values shown in the Common Council’s local non-domestic rating list which the valuation officer for the authority proposes to compile on 1st April 1990 and which he has sent to the authority under section 41(5) of the Act(2), multiplied by 0.966.

(2) In calculating the required maximum under paragraph (1), a part of a whole (if any) shall be calculated to three decimal places only—

(a) adding one thousandth where (apart from this paragraph) there would be more than five ten-thousandths, and

(b) ignoring the ten-thousandths where (apart from this paragraph) there would be five, or less than five, ten-thousandths,

provided that if the resulting figure would be equal to or less than the required minimum for the year, this paragraph shall apply as if in sub-paragraph (a) for “more than five” there were substituted “one or more” and sub-paragraph (b) were disregarded.

(1)

Section 95 was amended by the Local Government and Housing Act 1989, Schedule 5, paragraph 63.

(2)

Section 41 was amended by the Local Government and Housing Act 1989, Schedule 5, paragraph 19.