The Non-Domestic Rating (Miscellaneous Provisions) (Amendment) (Wales) Regulations 2004
Paragraph 2 of Schedule 6 to the Local Government Finance Act 1988 (“the 1988 Act”) provides that the rateable value of a non-domestic hereditament shall be ascertained by reference to the rent at which it is estimated the hereditament might reasonably be expected to be let from year to year.