Rateable values5
In the case of gas hereditaments, paragraph 2 to 2B6 of Schedule 6 to the Act shall not apply in any year beginning on or after 1st April 1995 and —
a
in the year beginning on 1st April 1995, the rateable value of English gas hereditaments shall be £483,887,500 and the rateable value of Welsh gas hereditaments shall be £29,373,300; and
b
in each subsequent year, the rateable value of English gas hereditaments and Welsh gas hereditaments respectively shall be the amount produced in respect of that year by applying the standard formula.