SCHEDULEAMENDMENTS
Landlord and Tenant Act 1954(1)
2. After section 2(1) (tenancies to which section 1 applies) insert—
“(1A) For the purpose only of determining whether the qualifying condition is fulfilled with respect to a tenancy which is entered into on or after 1st April 1990 (otherwise than, where the property comprised in the tenancy had a rateable value on 31st March 1990, in pursuance of a contract made before 1st April 1990), for section 4(4)(b)and (5) of that Act(2) substitute—
“(b)on the date the contract for the grant of the tenancy was made (or, if there was no such contract, on the date the tenancy was entered into) R exceeded £25,000 under the formula—
where—
P is the premium payable as a condition of the grant of the tenancy (and includes a payment of money’s worth) or, where no premium is so payable, zero,
I is 0.06, and
T is the term, expressed in years, granted by the tenancy (disregarding any right to terminate the tenancy before the end of the term or to extend the tenancy). ”.”.
See paragraph 16 of this Schedule.