123Rates replacement proposal

1. Replacement rates must be set by the adoption of a rates replacement proposal prepared in accordance with the special consultative procedure.

2. A rates replacement proposal must—

3. identify the relevant year; and
4. for each of the rates set and assessed by the local authority in the relevant year, state—
   1. the date on which the rate was set; and
   2. whether it is a general rate based on rateable value, a uniform annual general charge, or a targeted rate; and
5. identify which of the rates referred to in paragraph (b) are proposed to be replaced and the reasons for their replacement; and
6. for each proposed replacement rate, state whether it is a general rate based on a rateable value, a uniform annual general charge, or a targeted rate; and
7. identify any difference between the revenue sought from the rates to be replaced and that proposed to be sought from the replacement rates and the reasons for that difference; and
8. explain any departure from the revenue and financing policy under section 103 of the Local Government Act 2002 and the reasons for that departure; and
9. explain any difference in basis or type of rates between the rates to be replaced and the replacement rates; and
10. describe the general effect that the rates replacement proposal is expected to have on the overall liability of ratepayers or groups of ratepayers within the district for rates for the relevant year.

11. In giving notice of the rates replacement proposal under the special consultative procedure, the local authority must give specific notice of the proposal to every ratepayer of the district.

12. The notice must include—

13. a summary of sections 126 and 127; and
14. a statement that the proposal will not affect rates set and assessed in years after the relevant year and, if a rates replacement proposal is intended for any of those years, a statement of that intention.