“(5)

In this Part of this Act the expression “tenancy at a low rent” means a tenancy the rent payable in respect whereof (or, where that rent is a progressive rent, the maximum rent payable in respect whereof) is less than,—

(a)

where the tenancy was entered into before 1st April 1990 or (where the property comprised in the tenancy had a rateable value on 31st March 1990) is entered into on or after 1st April 1990 in pursuance of a contract made before that date, two-thirds of the rateable value of the property; and for the purposes of this subsection the rateable value of the property is that which would be taken as its rateable value for the purposes of section 5(1)14 of the Rent Act 1977; and,

(b)

where the tenancy is entered into on or after 1st April 1990 (otherwise than, where the property comprised in the tenancy had a rateable value on 31st March 1990, in pursuance of a contract made before 1st April 1990), is payable at a rate of,—

(i)

pound;1,000 or less a year if the property is in Greater London, and

(ii)

£250 or less a year if the property is elsewhere.”.