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4.—(1) Where—
(a)a change in the law determining the rateable value of hereditaments of any description, or of hereditaments generally, comes into operation so as to alter the rateable value of a hereditament, and
(b)the hereditament is occupied by a tenant under a contract of tenancy made before the alteration in the rateable value takes or took effect, by virtue of which—
(i)the landlord has undertaken to pay the rates in respect of the hereditament, and
(ii)there is payable by the tenant a rent inclusive of a sum in consideration of the payment of those rates by the landlord,
then, if the rateable value is reduced, the landlord shall be liable to pay to the tenant, or allow by way of deduction from his rent, and, if the rateable value is increased, the tenant shall be liable to pay to the landlord, a sum equal to the difference between every amount payable by way of those rates and the amount which would have been so payable at the rate in the pound current for the time being if the rateable value of the hereditament had not been altered.
(2) Any question arising as to the amount to be paid or allowed to a tenant by way of deduction from his rent under this paragraph shall be referred to and determined by the Lands Tribunal.