# Finance Act 2003, Paragraph 3

Extent: E+W+S+N.I.

The net present value (v) of the rent payable over the term of a lease is calculated by applying the formula:
where—
ri is the rent payable ... in respect of year i,
i is the first, second, third, etc year of the term,
n is the term of the lease ..., and
T is the temporal discount rate (see paragraph 8).

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Source: https://www.legislation.gov.uk/ukpga/2003/14/schedule/5/paragraph/3 (the official version)
Page: https://openlegislation.uk/finance-act-2003/schedule-5/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.