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32.—(1) Regulation 33 applies to a defined class of hereditaments for a relevant day (the day concerned) if —
(a)as regards the class of hereditaments the day concerned is a chargeable day for which a chargeable amount would, but for these Regulations, fall to be determined under section 54 of the Act, and
(i)greater than BL and greater than (BL × AF), or
(ii)less than BL and less than (BL × AF).
(2) For the purposes of this regulation —
(a)NCA is the notional chargeable amount for the class of hereditaments for the relevant year within which the day concerned falls,
(b)BL is the base liability for the class of hereditaments for the relevant year within which the day concerned falls,
(c)AF is the appropriate fraction for the class of hereditaments for the relevant year within which the day concerned falls.
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