10Annual budget and assessments
(1)Schedule 4 has effect in regard to—
(a)the preparation and confirmation of the budget for each assessment year, and
(b)heritors’ rights to make representations on, and to require an independent review of, the draft budget.
(2)As soon as practicable after there is a confirmed budget for an assessment year, the Commission must give an assessment notice to each heritor specifying the amount payable by the heritor for the assessment year.
(3)The amount payable by a heritor is the rate poundage for the assessment year multiplied by the chargeable value of the heritor’s land.
(4)The rate poundage for an assessment year is the budget for the assessment year divided by the sum of the chargeable values of each heritor’s land.
(5)The chargeable value of a heritor’s land is calculated in accordance with schedule 5.
(6)An assessment notice must include—
(a)a copy of the confirmed budget,
(b)the rate poundage and how it is calculated, and
(c)an explanation of how the amount payable by the heritor is calculated.
(7)The heritor must pay the assessment to the Commission by the later of—
(a)the end of the period of 28 days beginning with receipt of the assessment notice, and
(b)the first day of the assessment year to which it applies.
(8)No later than two months after the date on which this section comes into force, the Commission must give each heritor a valuation notice specifying the chargeable value of the heritor’s land and how it has been calculated.