5.—(1) A levy issued by the NRA under these Regulations shall be subject to the provisions of section 46(5) to (7) of the 1976 Act, read with this regulation, the reference to precepts in the said section 46(5) being taken to be a reference to levies issued under these Regulations.
(2) For the purposes of a levy issued by the NRA in respect of a district, the estimated penny rate product for a relevant area for a financial year referred to in the said section 46(5) shall be taken to be—
(a)in respect of the financial year beginning in 1993, the product taken into account for the purpose of the said section 46(5) in respect of the relevant area in the financial year beginning in 1992 increased by 3.6 per cent; and
(b)in respect of any subsequent financial year, the amount ascertained in accordance with sub-paragraph (a) above in respect of the relevant area, increased or decreased by the proportion by which the retail prices index for September of the financial year preceding that in respect of which the levy is issued differs from the retail prices index for September 1992.
(3) For the purposes of a levy issued by the NRA in respect of a district, the reference in the said section 46(6) to the estimated penny rate product for a relevant area for a financial year shall be taken to be a reference to the amount for the financial year determined for the relevant area in accordance with paragraph (2) of this regulation.
(4) References in paragraph (2)(b) above to the retail prices index are references to the general index of retail prices (for all items) published by the Department of Employment or, if that index is not published for any month, to any substituted index or index figures published by that Department.