OpenLegislation

Paragraph 5

England and Wales

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Where the interest of a Chapter I landlord is F1subject to a trust of land, any sum payable to the landlord by way of the price payable for the interest on its acquisition in pursuance of Chapter I shall be dealt with as if it were proceeds of sale arising under the trust.

(2)

Where the interest of a Chapter II landlord is subject to a trust of land—

(a)

any sum payable to the landlord by way of a premium on the grant of a new lease under Chapter II or section 93(4) shall be dealt with as if it were proceeds of sale arising under the trust; F2. . .

(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1

Words in Sch. 2 para. 5(1)(2) substituted (1.1.1997) by 1996 c. 47, s. 25(1), Sch. 3 para. 27(2)(a) (with ss. 24(2), 25(4)); S.I. 1996/2974, art.2

F2

Sch. 2 para. 5(2)(b) and the word "and" immediately preceding it repealed (1.1.1997) by 1996 c. 47, s. 25(2), Sch.4 (with ss. 24(2), 25(4)); S.I. 1996/2974, art.2

Notes on Schedule 2

Commencement

I1

Sch. 2 wholly in force at 1.11.1993 see s. 188(2) and S.I. 1993/2134, art. 5

Notes on Landlord’s interest held in trust

Textual amendments

F1

Words in the heading immediately preceding paragraph 5 of Sch. 2 substituted (1.1.1997) by 1996 c. 47, s. 25(1), Sch. 3 para. 27(2)(a) (with ss. 24(2), 25(4)); S.I. 1996/2974, art.2