Each undertaking is deemed to occupy a notional hereditament for which an aggregate ratable value will be fixed by a formula based on throughput.
Lower rental levels in comparative terms should feed through to produce lower ratable values at the 1995 revaluation.
The result is, of course, that our ratable value per head of the population is going up.
Therefore, there is an inevitable gap between the ratable capacity and the expenditure which the authorities must incur.
A rough and ready test might be the net ratable value, or something of that sort.
Let us take a cottage of a gross ratable value of between £3 and £6 on which the statutory deduction for repairs is £2.
First, local government has tax-raising powers, and ratable value, and this con- tinues, even though it has been decreased.
With the retention of non-domestic rates, ratable values had to be kept up to date.
