Local Government (Business Improvement Districts) Act 2006
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Amendment of section 56 (power to limit rates income) of Valuation Act 2001. |
8.— Section 56 of the Valuation Act 2001 is amended by substituting the following for subsection (2): | |
“(2) The Minister for the Environment, Heritage and Local Government shall, with the consent of the Minister for Finance, 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 determined by the formula | ||
A x (B + C) | ||
where | ||
A is the figure specified in subsection (3), | ||
B is the total amount liable to be paid to the rating authority in respect of rates levied by it in the preceding year, and | ||
C is an amount determined by the formula | ||
D x (E + F) | ||
where | ||
D is the annual rate on valuation that was levied by the rating authority for the preceding year pursuant to section 103 (7)(b)(i) of the Local Government Act 2001 , | ||
E is the aggregate valuation of relevant properties in the area that, pursuant to the exercise of a revision officer’s powers under section 28(4)(b) of this Act, were included on the valuation list for the preceding year, as that list was amended for that area in relation to those properties under section 28(10), and | ||
F is the total increase, if any, in valuations for relevant properties in the area that occurred during the preceding year pursuant to the exercise of a revision officer’s powers under section 28(4)(a) and which exercise resulted in amendments to the valuation list for that preceding year in accordance with section 28(10).”. |