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The Railtrack plc (Rateable Value) (Wales) Order 2000
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Recalculation factorE+W
5.—(1) In any year [F1for which the central list is in force] beginning on or after 1st April 2001, the rateable value of the relevant hereditament shall be the amount produced by adding £6,240,000 and the recalculation factor calculated under this Article.
(2) Subject to paragraph (4), this paragraph applies for the purposes of calculating the recalculation factor where in relation to a relevant year the amount produced by calculating in relation to the relevant hereditament in accordance with the formula —
is 0.05, −0.05 or any number between those numbers.
(3) The recalculation factor in relation to a relevant year in respect of which paragraph (2) applies is 0.
(4) In relation to a relevant year —
(a)in respect of which the amount calculated in accordance with paragraph (2) is greater than 0.05 or less than −0.05, or
(b)in respect of which paragraph (2) does not apply in respect of the relevant preceding year,
the recalculation factor is the amount produced by calculating in accordance with the formula —
Tk - KK
(5) For the purposes of this article —
T has the value £6,240,000;
K is the estimated relevant track length as at 31st March 2000;
k is the estimated relevant track length as at 31st March in the relevant preceding year.
Textual Amendments
F1Words in art. 5(1) inserted (1.4.2003) by The Non-Domestic Rating (Utilities) (Rateable Value) (Amendment) (Wales) Order 2003 (S.I. 2003/944), arts. 1(1), 4(b)
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