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.

Article 4 of this Order prescribes the rateable value of the hereditament entered, by virtue of the Central Rating List (Wales) Regulations 1999, in the central list in respect of Railtrack plc, for financial years beginning on or after 1st April 2000.

Article 5 provides for the factor by reference to which that value is to be adjusted for the purposes of determining the rateable value for financial years beginning on or after 1st April 2001 in respect of the hereditament treated as occupied by Railtrack plc.

Article 6 of this order revokes, subject to certain savings, with effect from 1st April 2000, the Railways (Rateable Values) Order 1994, which (as amended) applied in respect of years commencing on or after 1st April 1995.