5. In the case of a class of hereditaments, paragraphs 2 to 2B of Schedule 6 to the Act shall not apply in any year beginning on or after 1st April 2000 and its rateable value—
(a)in the year beginning on 1st April 2000, shall be the amount specified in relation to it in the Schedule; and
(b)in any year beginning on or after 1st April 2001 shall (subject to article 10) be the amount produced in respect of that year by applying the standard formula in relation to that class.