Determination of Rateable Values

10.—(1) The rateable value (as a whole) of the Welsh hereditaments, shall be an amount equal to the aggregate of the amounts which, but for the Schedule 2 scheme, and subject to paragraph (2) below, would have been determined in accordance with article 5 as the rateable value of the hereditaments which constitute the Welsh hereditaments.

(2) For the purposes of determining the recalculation factor applicable in a relevant year, article 7 shall apply as if, in calculating the amount assigned to Y or, in a case to which article 7(3) applies, the number assigned to Z, water supplied by or to the scheme transferee to or by another party to the Schedule 2 scheme were ignored.