delete The Railways (Rateable Values) (Amendment) Order 1999
The Railways (Rateable Values) (Amendment) Order 1999 amends the 1994 Order to modify rateable value calculations for London Underground, British Railways Board, and Railtrack PLC. Key changes include: substituting a standard formula for London Underground valuations; setting fixed rateable values for British Railways Board (£95,100 English, £21,123 Welsh) and Railtrack PLC (£206,144,100 English, £10,383,100 Welsh); and removing recalculation factor provisions for certain railway hereditaments from 1st April 1999.
This regulation creates market distortions by locking in artificial, below-market rateable values for specific railway operators (Railtrack PLC and British Railways Board). Fixed valuations shield railway operators from competitive pressure that would normally discipline asset use and investment efficiency. The regulation transfers the local taxation burden to other ratepayers rather than allowing market-determined values. Such bespoke arrangements for named entities represent regulatory capture rather than sound rating policy. The removal of recalculation provisions eliminates democratic oversight of how these entities are taxed. If legitimate transitional support is needed for railway operators, it should come through transparent subsidies, not distorted rating calculations.