Ms Sinéad O'Gorman:

One of the reasons we did not separate it altogether was that if we did, it would make the process of determining the annual rate on valuation, ARV, in the annual budget very difficult. If we had pulled out the global income and worked out the rate limitation order with reference to non-global income, it would have made the ARV process very complex. Two elements of the formula were changed from what we are proposing. The portion G is to take account in the formula of possible leakage on appeal. Following a revaluation, relevant properties can appeal to the Valuation Tribunal and the valuation may be revised downwards.