The City of London (Non-Domestic Rating Multiplier) Order 1992

• Citation: S.I. 1992/188
• Sections: 4

Section 1 Citation and commencement

This order may be cited as the City of London (Non-Domestic Rating Multiplier) Order 1992, and shall come into force on February 1992.

Section 2 Interpretation

In this Order—

“ the Act ” means the Local Government Finance Act 1988;

“the Distribution Report” means the Revenue Support Grant Distribution Report (England) made by the Secretary of State for the Environment on 20th December 1989 under section 80(1) of the Act as amended by the Revenue Support Grant Distribution (Amendment) Report (England) and the Revenue Support Grant Distribution (Amendment) ( No. 2) Report (England) made by the Secretary of State for the Environment on 16th January 1991 and 20th January 1992 respectively under section 80(5)(b) of the Act.

Section 3 Required minimum multiplier

The required minimum for the Common Council’s non-domestic rating multiplier for the chargeable financial year beginning in 1992 is the figure equal to 95.412 per cent of the non-domestic rating multiplier specified for the year in accordance with Part I of Schedule 7 to the Act.

Section 4 Required maximum multiplier

Subject to paragraph below, the required maximum for the Common Council’s non-domestic rating multiplier for the chargeable financial year beginning in 1992 is the figure calculated in accordance with the formula

where—

A is the required minimum for the Common Council’s non-domestic rating multiplier calculated for the year in accordance with article 3 of this Order,

B is 99% of the amount, if any, by which, at the time of the calculation of the required maximum, the amount calculated by the Common Council under section 95(4) of the Act for the year exceeds the standard spending assessment calculated for the Council for the year in accordance with the provisions of the Distribution Report, and

C is the total of the rateable values shown in the Common Council’s local non-domestic rating list for 31st December 1991, multiplied by 0.813.

(2) In calculating the required maximum under paragraph (1), a part of a whole (if any) shall be calculated to three decimal places only—

(a) adding one thousandth where (apart from this paragraph) there would be more than five ten-thousandths, and

(b) ignoring the ten-thousandths where (apart from this paragraph) there would be five, or less than five, ten-thousandths,

provided that if theresulting figure is equal to or less than the required minimum for the year, the required maximum shall be calculated by adding one thousandth to that figure.