The Non-Domestic Rating (Transitional Period) (Appropriate Fraction) Order 1989
The Local Government Finance Act 1988 introduces with effect from 1st April 1990 a new business rate, which replaces the general rate insofar as concerns business property. Schedule 7A to the Act provides for the phasing of the gains or losses occasioned by this and by the revaluation of business property for 1990. When the conditions set out in the Schedule are satisfied, the gains and losses are phased over a period of up to 5 years. The taper of the phasing depends upon the “appropriate fraction” which is applied annually to the base liability.