5. In the case of gas hereditaments, paragraph 2 to 2B(1) 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.
Section 58 is amended by paragraph 68 of Schedule 13 to the Local Government Finance Act 1992 (c. 14) and by section 2 of the Non-Domestic Rating Act 1994.