The City of London (Non-Domestic Rating Multiplier) Order 1991

Required maximum multiplier

4.—(1) Subject to paragraph (2) below, the required maximum for the Common Council’s non-domestic rating multiplier for the chargeable financial year beginning in 1991 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 per cent of the amount, if any, by which, at the time of the calculation of the required maximum, 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 for 31st December 1990, multiplied by 0.894.

(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 is equal to or less than the required minimum for the year, the required maximum shall be calculated by adding one thousandth to the resulting figure.

(1)

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