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Housing Investment Trusts (Assured Tenancies) Regulations (Northern Ireland) 1996

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Tenancies at a low rent

3.—(1) A tenancy under which either no rent is payable or the rent payable calculated on an annual basis is less than two-thirds of the rateable value of the dwelling-house for the time being.

(2) In determining whether the rent under a tenancy falls within sub-paragraph (1), there shall be disregarded such part (if any) of the sums payable by the tenant as is expressed (in whatever terms) to be payable in respect of rates, services, management, repairs, maintenance or insurance, unless it could not have been regarded by the parties to the tenancy as a part so payable.

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