4E+WIn a case to which this Schedule applies by virtue of section 452(6) (disposals before 8th August 1980 of property held by local authorities for housing purposes), the preceding paragraphs have effect with the following modifications—
(a)for “house” substitute “ property ”;
(b)for paragraph (a) of paragraph 3 (1) (value of house) substitute—
“(a)the price at which the authority could have re-acquired the property by virtue of the condition mentioned in section 452(6)(b),”
and omit paragraph 3(2) (which provides for ascertaining the value of the house);
(c)omit paragraph (d) of paragraph 3(3) (which relates to repayment of discount and similar matters).