The Valuation for Rating (Former Enterprise Zones) Regulations 1991
By virtue of paragraph 19 of Schedule 5 to the Local Govemment Finance Act 1988, hereditaments are exempt from non-domestic rates to the extent that they are situated in enterprise zones. When an area loses its status as an enterprise zone, hereditaments subject to non-domestic rating (other than those required to be entered on a central non-domestic rating list) will fall to be entered on the local non-domestic rating list, and their rateable values to be assessed by reference to the rent a hypothetical tenant would pay for the hereditament as at a certain date (1st April 1988 in relation to the current list).