1E+WAn occupier of premises by whom any sum in relation to which this Schedule applies is paid under this Act shall be entitled to deduct from the rent payable by him in respect of the premises—
(a)if he holds the premises at a rent not less than the rack rent, an amount equal to three-quarters of the said sum, or
(b)if he holds the premises at a rent less than the rack rent, such proportion of an amount equal to three-quarters of the said sum as the rent at which he holds the premises bears to the rack rent.