Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Rates (Maximum Capital Value) (Amendment) Regulations (Northern Ireland) 2009 and shall come into operation on the 1st April 2009.

(2) In these Regulations “the 2007 Regulations” means the Rates (Maximum Capital Value) Regulations (Northern Ireland) 2007(3).

Amendment of the Rates (Maximum Capital Value) Regulations (Northern Ireland) 2007

2.—(1) In regulation 2(1) of the 2007 Regulations, for “£500,000” substitute “£400,000”.

(2) In regulation 2(3) of the 2007 Regulations, where “£250,000” occurs substitute “£200,000”.

(3) In the formula within regulation 2(4) of the 2007 Regulations, where “£250,000” occurs substitute “£200,000”.

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations amend the maximum capital value set by the Rates (Maximum Capital Value) Regulations (Northern Ireland) 2007, changing it from £500,000 to £400,000. In the case of certain domestic properties which are distinguished in the capital value list as partly exempt from rates, these Regulations provide for amendments which will allow the maximum capital value to vary between £200,000 and £400,000 depending on the extent of the exemption (regulation 2).