The Non-Domestic Rating (Miscellaneous Provisions) (No. 2) Regulations 1989 (Amendment) (England) Regulations 2016
Regulation 2 of the Non-Domestic Rating (Miscellaneous Provisions) (No. 2) Regulations 1989 (S.I. 1989/2303) makes provision in relation to valuation of non-domestic property by reference to the notional cost of constructing or providing a hereditament (“the contractor’s basis”) which is applied where there is no more direct evidence of rental value. Regulation 2 of S.I.1989/2303 specifies the annual percentage rate to be applied in relation to the notional cost of construction.