Section 128 Disregard of marriage value in case of very long leasesI1

(1)

Paragraph 4 of Schedule 6 to the 1993 Act is amended as follows.

(2)

In sub-paragraph (2) (meaning of marriage value), insert at the beginning “ Subject to sub-paragraph (2A), ”.

(3)

After that sub-paragraph insert—

“(2A)
Where at the relevant date the unexpired term of the lease held by any of those participating members exceeds eighty years, any increase in the value of the freehold or any intermediate leasehold interest in the specified premises which is attributable to his potential ability to have a new lease granted to him as mentioned in sub-paragraph (2)(a) is to be ignored.”

Annotations

Commencement

I1: S. 128 wholly in force at 1.1.2003; s. 128 not in force at Royal Assent, see s. 181(1); s. 128 in force at 26.7.2002 for E. by S.I. 2002/1912, art. 2(b)(i) (subject to transitional provisions and savings in Sch. 2); s. 128 in force at 1.1.2003 for W. by S.I. 2002/3012, art. 2(b)(i) (subject to transitional provisions and savings in Sch. 2)