Paragraph 15

England and Wales

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

Sch. 6 para. 3(1)(c) words substituted by Commonhold and Leasehold Reform Act 2002 Sch. 8 para. 40(4)
Sch. 6 para. 4(2) words substituted by Commonhold and Leasehold Reform Act 2002 Sch. 8 para. 40(5)(a)
Sch. 6 para. 4(2) words substituted by Commonhold and Leasehold Reform Act 2002 Sch. 8 para. 40(5)(b)
Sch. 6 para. 10(2) word substituted by Commonhold and Leasehold Reform Act 2002 Sch. 8 para. 40(6)
Sch. 6 words substituted by Commonhold and Leasehold Reform Act 2002 Sch. 8 para. 40(2)
Sch. 6 words substituted by Commonhold and Leasehold Reform Act 2002 Sch. 8 para. 40(3)
Sch. 6 omitted by Leasehold and Freehold Reform Act 2024 s. 36(4)

(1)

Where (as determined in accordance with paragraph 4(3) and (4)) the value of any interest—

(a)

when held by the person from whom it is to be acquired by the nominee purchaser, or

(b)

when acquired by the nominee purchaser,

is a negative amount, then for the purposes of paragraph 4(2) the value of the interest when so held or acquired shall be nil.

(2)

Where sub-paragraph (1) above applies to any intermediate leasehold interest whose value when held or acquired as mentioned in paragraph (a) or (b) of that sub-paragraph is a negative amount, paragraph 14(2) to (4) shall apply for determining for the purposes of paragraph 4(2) the value when so held or acquired of other interests in the specified premises, as if—

(a)

any reference to paragraph 14(1) were a reference to sub-paragraph (1) above; and

(b)

any reference to the relevant purposes were, as respects any interest, a reference to the purposes of paragraph 4(2) as it applies to the interest when so held or acquired.

(3)

References in paragraph 16 or 17 to paragraph 14(2) or (3) do not extend to that provision as it applies in accordance with sub-paragraph (2) above.

F1(4)

References in this paragraph to paragraph 4(2), (3) or (4) extend to that provision as it applies in accordance with paragraph 5A(2)(b).

Annotations

Textual amendments

F1: Sch. 6 para. 15(4) inserted (1.10.1996) by 1996 c. 52, s. 107, Sch. 10 para. 18(13); S.I. 1996/2212, art. 2(2) (with saving in Sch.)

Notes on Schedule 6

Commencement

I1: Sch. 6 wholly in force at 1.11.1993 see s. 188(2) and S.I. 1993/2134, art. 5