http://www.legislation.gov.uk/wsi/2000/555/article/5The Railtrack plc (Rateable Value) (Wales) Order 2000Business ratesRATING AND VALUATION, WALESStatute Law Database2022-08-30Expert Participation2003-04-01 Under paragraph 3(2) of Schedule 6 to the Local Government Finance Act 1988, the National Assembly for Wales may by order provide that non-domestic hereditaments of a description shown in a central rating list are not to be valued for non-domestic rating on the basis set out in paragraphs 2 to 2C of that Schedule (that is to say, by reference to the rent a hypothetical tenant would pay for a hereditament on an annual basis), but that their rateable values shall be such as are specified in the order or determined in accordance with prescribed rules. 51In any year for 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.2Subject 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 —$\genfrac{}{}{0.1ex}{}{\mathrm{k}-\mathrm{K}}{\mathrm{K}}$is 0.05, −0.05 or any number between those numbers.3The recalculation factor in relation to a relevant year in respect of which paragraph (2) applies is 0.4In relation to a relevant year —ain respect of which the amount calculated in accordance with paragraph (2) is greater than 0.05 or less than −0.05, orbin 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 —$\mathrm{T}\mathrm{k}-\mathrm{KK}$5For 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.

Art. 5 in force at 1.4.2000, see art. 1(1)Words 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)