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14(1)Where—
(a)the value of the freeholder’s interest in the specified premises (as determined in accordance with paragraph 3), or
(b)the value of any intermediate leasehold interest (as determined in accordance with paragraph 7),
is a negative amount, the value of the interest for the relevant purposes shall be nil.
(2)Where sub-paragraph (1) applies to any intermediate leasehold interest whose value is a negative amount (“the negative interest”), then for the relevant purposes any interests in the specified premises superior to the negative interest and having a positive value shall be reduced in value—
(a)beginning with the interest which is immediately superior to the negative interest and continuing (if necessary) with any such other superior interests in order of proximity to the negative interest;
(b)until the aggregate amount of the reduction is equal to the negative amount in question; and
(c)without reducing the value of any interest to less than nil.
(3)In a case where sub-paragraph (1) applies to two or more intermediate leasehold interests whose values are negative amounts, sub-paragraph (2) shall apply separately in relation to each of those interests—
(a)beginning with the interest which is inferior to every other of those interests and then in order of proximity to that interest; and
(b)with any reduction in the value of any interest for the relevant purposes by virtue of any prior application of sub-paragraph (2) being taken into account.
(4)For the purposes of sub-paragraph (2) an interest has a positive value if (apart from that sub-paragraph) its value for the relevant purposes is a positive amount.
(5)In this Part of this Schedule “the relevant purposes”—
(a)as respects the freeholder’s interest in the specified premises, means the purposes of paragraph 2(1)(a); and
(b)as respects any intermediate leasehold interest, means the purposes of paragraph 6(1)(b)(i).
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