Paragraph 33 The loss sufferedI1

The loss suffered by an eligible person is the loss which the person suffers as a result of the person’s qualifying transaction (taking into account, where paragraph 32(1)(c) applies, any reduction under paragraph 12A of Schedule 1 to the LRA 1967 or paragraph 12 of Schedule 11 to the LRHUDA 1993 in the rent of a lease of which the eligible person is a tenant).

In determining the loss suffered by an eligible person, assumption 2 (in paragraph 17(3)) must be made in relation to the person’s qualifying transaction and, accordingly, no marriage or hope value is taken into account in determining the loss.

In determining the loss suffered by an eligible person, the value of the eligible person’s relevant interest must not be increased by reason of—

In this paragraph—

• “eligible person’s relevant interest” means the relevant interest to which the eligible person’s qualifying transaction relates;

• “relevant date” means—

  1. (a)

     15 February 1979, in relation to the transfer of a freehold house under the LRA 1967;

  2. (b)

     20 July 1993, in relation to—

     1. (i)

        the collective enfranchisement of a building under the LRHUDA 1993, or

     2. (ii)

        the grant of a new lease of a flat under the LRHUDA 1993;

  3. (c)

     27 November 2023, in relation to the grant of an extended lease of a house under the LRA 1967;

• “relevant tenant” means—

  1. (a)

     a qualifying tenant, or

  2. (b)

     a person who is not a qualifying tenant, but only because of section 5(5) and (6) of the LRHUDA 1993 (a person who is the tenant of three or more flats in the building).