56.—(1) In this section—

"appropriate year" means the financial year immediately following the effective date in relation to the valuation list that, for the time being, stands published in respect of the area of the rating authority concerned;

"consumer price index number" means the All Items Consumer Price Index Number compiled by the Central Statistics Office;

"consumer price index number relevant to the appropriate year" means the consumer price index number most recently published by the Central Statistics Office before the effective date mentioned in the definition of "appropriate year" in this subsection;

"consumer price index number relevant to the preceding year" means the consumer price index number lastly published by the Central Statistics Office before the day that falls 12 months before the day on which the consumer price index number referred to in the preceding definition is published;

"preceding year" means the financial year that immediately precedes the financial year mentioned in the definition of "appropriate year" in this subsection.

(2) The Minister for Housing, Planning and Local Government shall, with the consent of the Minister for Finance, make an order requiring a rating authority to exercise its powers to make rates in such a manner as to secure that the total amount liable to be paid to it in respect of rates made by it in the appropriate year does not exceed an amount determined by the formula

(A x (B + C) +G) + (A x (H+I))

where

A is the figure specified in subsection (3),

B is the total amount liable to be paid to the rating authority in respect of rates levied by it in respect of relevant property on the existing valuation list (but excluding relevant property on the Central Valuation List in the preceding year), and

C is an amount determined by the formula

D x (E + F)

where

F80[D is, subject to subsection (2A),] the annual rate on valuation that was levied by the rating authority for the preceding year pursuant to section 3 of the Local Government Rates and Other Matters Act 2019,

E is the aggregate valuation of relevant properties in the area that, pursuant to the exercise of a F81[revision manager]’s powers under section 28(4)(b) of this Act, were included on the valuation list for the preceding year, as that list was amended for that area in relation to those properties under section 28(10),

F is the aggregate of the increases, if any, in valuations for relevant properties in the area that occurred during the preceding year pursuant to the exercise of a F81[revision manager]’s powers under section 28(4)(a) and which exercise resulted in amendments to the valuation list for that preceding year in accordance with section 28(10),

G is an amount to be decided by the Minister in consultation with the Commissioner to represent, in so far as is reasonably practicable, the estimated reduction in the total amount liable to be paid to the rating authority in respect of rates in the appropriate year pursuant to the exercise of the Commissioner’s powers under section 38 so that any amendment of the valuation list pursuant to the Commissioner’s powers under section 38, does not affect the total amount liable to be paid to the rating authority in respect of rates in the appropriate year,

H is the total amount liable to be paid to the rating authority in respect of rates levied by it, in respect of relevant property on the Central Valuation List in the preceding year,

I is an amount determined by the formula

D x (J + K)

where

F80[D is, subject to subsection (2A),] the annual rate on valuation that was levied by the rating authority for the preceding year pursuant to section 3 of the Local Government Rates and Other Matters Act 2019,

J is the aggregate of all global valuation amounts that have been apportioned to the relevant rating authority in accordance with section 53(8), and entered on the Central Valuation List pursuant to the exercise of the Commissioner’s powers under section 53(1) of this Act, during the preceding year, and which exercise resulted in amendments to the Central Valuation List for that preceding year in accordance with section 55,

K is the aggregate of the increases, if any, of the global valuation amounts that have been apportioned to the relevant rating authority in accordance with section 53(8), and entered on the Central Valuation List during the preceding year pursuant to the exercise of the Commissioner’s powers under section 53(6) and which exercise resulted in amendments to the central valuation list for that preceding year in accordance with section 55.

F82[(2A) Where the annual rate on valuation that was levied by a rating authority for the preceding year 2023 was done pursuant to section 103 (7) of the Local Government Act 2001 and not pursuant to section 3 of the Local Government Rates and other Matters Act 2019, the two references to " section 3 of the Local Government Rates and other Matters Act 2019 " in subsection (2) shall, in relation to that rating authority only and that preceding year only, be read as references to " section 103 (7) of the Local Government Act 2001 " and notwithstanding the Local Government Rates and other Matters Act 2019.]

(3) The figure mentioned in subsection (2) is the quotient, rounded up to 3 decimal places, obtained by dividing the consumer price index number relevant to the appropriate year by the consumer price index number relevant to the preceding year.]