39(1)In this Part of this Schedule—
“applicable capitalisation rate”, in relation to any aspect of the determination of a term value, means the capitalisation rate prescribed in regulations made by the Secretary of State that is applicable to that aspect by virtue of the regulations — and for this purpose a “capitalisation rate” is a rate at which the entitlement to receive rent over the remainder of the term of a lease is capitalised;
“rent” has the same meaning as in the LR(GR)A 2022 (see section 22(2) and (3) of that Act);
“unexpired term”, in relation to a lease, means the period that—
begins with the valuation date, and
ends with the term date of the lease.
(2)A statutory instrument containing regulations under this paragraph is subject to the negative procedure.
(3)The Secretary of State must review the capitalisation rate or rates every ten years.