The Principal Act is amended by the substitution of the following section for section 653AP:

"653AP.

(1) The amount of vacant homes tax to be charged in respect of a residential property for the chargeable period commencing on 1 November 2022 shall be the amount represented by 'A' in the formula -

A = B × 3

where 'B' is the amount of local property tax payable in respect of the residential property in relation to the liability date of 1 November 2022 calculated in accordance with section 17 of the Act of 2012 (before any adjustment is made in accordance with section 20 of that Act).

(2) The amount of vacant homes tax to be charged in respect of a residential property for the chargeable period commencing on 1 November 2023 shall be the amount represented by 'A' in the formula -

A = B × 5

where 'B' is the amount of local property tax payable in respect of the residential property in relation to the liability date of 1 November 2023 calculated in accordance with section 17 of the Act of 2012 (before any adjustment is made in accordance with section 20 of that Act).

(3) The amount of vacant homes tax to be charged in respect of a residential property for the chargeable period commencing on 1 November 2024 and for each subsequent chargeable period shall be the amount represented by 'A' in the formula -

A = B × 7