Part 4Compensation for loss of landlord's rights
Annual rent
I148Determination of the annual rent
1
For the purposes of section 47, the annual rent in relation to a lease is—
a
where the lease is not a partially continuing lease and the rent payable immediately before the appointed day was a cumulo rent, the annual rent allocated to the lease under section 40,
b
where the lease is a partially continuing lease, the annual rent allocated to the converted subjects under section 41,
c
in any other case, the annual rent payable under the lease.
2
Any rent payable under the lease which is expressed wholly or partly in non-monetary terms is, to the extent that it is so expressed, to be left out of account.
3
Any rent payable under the lease which is variable from year to year is, to the extent that it is so variable, to be left out of account.