7(1)The diminution in value of any intermediate leasehold interest is the difference between—E+W
(a)the value of that interest prior to the grant of the new lease; and
(b)the value of that interest once the new lease is granted.
(2)Each of those values shall be determined, as at [F1the relevant date], in accordance with paragraph 8.
Textual Amendments
F1Words in Sch. 13 para. 7 substituted (26.7.2002 for E. and 1.1.2003 for W.) by Commonhold and Leasehold Reform Act 2002 (c. 15), s. 134; S.I. 2002/1912, art. 2(b)(i) (subject to Sch. 2); S.I. 2002/3012, art. 2(b)(i) (subject to Sch. 2)