5 Rateable values
In the case of each class of hereditaments, paragraphs 2 to 2B of Schedule 6 to the 1988 Act shall not apply in any year beginning on or after 1st April 1995 and its rateable value—
(a) in the year beginning on 1st April 1995, shall be the amount specified in relation to it in the Schedule; and
(b) subject to article 10, in any year beginning on or after 1st April 1996, shall be the amount produced in respect of that year by applying the standard formula in relation to that class.
Paragraph 2 is amended and paragraphs 2A and 2B are inserted by paragraph 38(3) to (11) of Schedule 5 to the Local Government and Housing Act 1989.