BID proposals are not to be regarded as approved by a ballot held for the purposes of section 49(1) unless two conditions are satisfied.
The first condition is that a majority of the persons voting in the ballot have voted in favour of the BID proposals.
The second condition is that A exceeds B.
A is the aggregate of the rateable values of each hereditament in respect of which a person voting in the ballot has voted in favour of the BID proposals.
B is the aggregate of the rateable values of each hereditament in respect of which a person voting in the ballot has voted against the BID proposals.
For the purposes of subsections (4) and (5), the rateable value of a hereditament is —
in a case where the day of the ballot is a day on which paragraph 3 of Schedule 4ZA to the Local Government Finance Act 1988 applies in relation to the hereditament, the rateable value shown for that day under section 42(4) of that Act as regards the hereditament minus G (within the meaning of that Schedule), or
in any other case, the rateable value shown for that day under section 42(4) of that Act as regards the hereditament.