Valuation Act, 2001

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PART 12

Rates Incomes of Local Authorities

Power to limit rates income.

56.—(1) In this section—

“appropriate year” means the financial year immediately following the financial year in which the first valuation under section 19 is carried out in relation to relevant properties situate in the area of the rating authority concerned;

“consumer price index number” means the All Items Consumer Price Index Number compiled by the Central Statistics Office;

“consumer price index number relevant to the appropriate year” means the consumer price index number most recently published by the Central Statistics Office before the date on which the rating authority concerned determines the rate in the pound of the rate in respect of the appropriate year;

“consumer price index number relevant to the preceding year” means the consumer price index number lastly published by the Central Statistics Office in the period beginning on the 1st day of January of the preceding year and ending immediately after the day that falls 12 months before the day on which the consumer price index number referred to in the preceding definition is published;

“preceding year” means the financial year last mentioned in the definition of “appropriate year” in this subsection.

(2) The Minister for the Environment and Local Government shall, with the consent of the Minister, make an order requiring a rating authority to exercise its powers to make rates in such a manner as to secure that the total amount liable to be paid to it in respect of rates made by it in the appropriate year does not exceed an amount equal to the total amount liable to be paid to it in respect of rates made by it in the preceding year multiplied by the figure specified in subsection (3).

(3) The figure mentioned in subsection (2) is the quotient, rounded up to 3 decimal places, obtained by dividing the consumer price index number relevant to the appropriate year by the consumer price index number relevant to the preceding year.