As respects each year (being the calendar year 2000 and subsequent calendar years) section 1003 of the Principal Act is amended in subsection (2) (c) by the substitution in subparagraph (ii) of "£3,000,000" for "£750,000", and that subparagraph, as so amended, is set out in the Table to this section.

Table

(ii) exceeds an amount (which shall not be less than £75,000) determined by the formula -

£3,000,000 - M

where M is an amount (which may be nil) equal to the market value of the heritage item (if any) or the aggregate of the market values at the respective valuation dates of all the heritage items (if any), as the case may be, in respect of which a determination or determinations, as the case may be, under this subsection has been made by the selection committee in any one calendar year and not revoked in that year.