PART IVRELIEFS AND EXEMPTIONS ETC.

Transitional relief

Transitional rate relief18

1

Article 33A of the principal Order (transitional rate relief) shall be amended as follows.

2

In paragraph (1)—

a

for the words from the beginning to “of the new valuation list,” there shall be substituted the words “Where this Article applies,”; and

b

in sub-paragraph (b)(ii), for the words “any such difference in the net annual value” there shall be substituted the words “the new net annual value or the new capital value”.

3

For paragraph (2) there shall be substituted the following paragraphs—

2

This Article applies where, on the coming into force of a new valuation list—

a

a new net annual value; or

b

a new capital value,

is ascribed to a specified hereditament in that list.

3

In this Article—

  • “a new capital value”, in relation to a specified hereditament, means—

    1. a

      a capital value which differs from the capital value ascribed to the hereditament in an old list;

    2. b

      a capital value where no capital value was ascribed to the hereditament in an old list;

  • “new net annual value”, in relation to a specified hereditament, means—

    1. a

      a net annual value which differs from the net annual value ascribed to the hereditament in an old list;

    2. b

      a net annual value where no net annual value was ascribed to the hereditament in an old list;

  • “old list” means a valuation list in force immediately before the coming into force of the new valuation list referred to in paragraph (2) (including a valuation list which continues to have effect thereafter);

  • “specified hereditament” means a hereditament of such a class as may be specified in an order under paragraph (1).