(1)The landlord or tenant under a farm business tenancy in relation to which this Part of this Act applies may by notice in writing given to the other (in this Part of this Act referred to as a “statutory review notice”) require that the rent to be payable in respect of the holding as from the review date shall be referred to arbitration in accordance with this Act.
(2)In this Part of this Act “the review date”, in relation to a statutory review notice, means a date which—
(a)is specified in the notice, and
(b)complies with subsections (3) to (6) below.
(3)The review date must be at least twelve months but less than twenty-four months after the day on which the statutory review notice is given.
(4)If the parties have agreed in writing that the rent is to be, or may be, varied as from a specified date or dates, or at specified intervals, the review date must be a date as from which the rent could be varied under the agreement.
(5)If the parties have agreed in writing that the review date for the purposes of this Part of this Act is to be a specified date or dates, the review date must be that date or one of those dates.
(6)If the parties have not agreed as mentioned in subsection (4) or (5) above, the review date—
(a)must be an anniversary of the beginning of the tenancy or, where the landlord and the tenant have agreed in writing that the review date for the purposes of this Act is to be some other day of the year, that day of the year, and
(b)must not fall before the end of the period of three years beginning with the latest of any of the following dates—
(i)the beginning of the tenancy,
(ii)any date as from which there took effect a previous direction of an arbitrator as to the amount of the rent,
(iii)any date as from which there took effect a previous determination as to the amount of the rent made, otherwise than as arbitrator, by a person appointed under an agreement between the landlord and the tenant, and
(iv)any date as from which there took effect a previous agreement in writing between the landlord and the tenant, entered into since the grant of the tenancy, as to the amount of the rent.