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3. In the Non-Domestic Rating (Rates Retention) Regulations 2013(1), for paragraph 1(2)(b) of Schedule 1 (non-domestic rating income) substitute—
“(b)X, where the value of X—
(i)for the financial year beginning on 1st April 2013 is £10,538,000;
(ii)for the financial year beginning on 1st April 2023 is £12,515,000;
(iii)for any other year is determined by the formula—
Where—
X1 is the value of X for the preceding year;
S2 is the small business non-domestic rating multiplier for the relevant year;
S1 is the small business non-domestic rating multiplier for the preceding year.”.
S.I. 2013/452, to which there are amendments not relevant to these Regulations.
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