# Leasehold Reform, Housing and Urban Development Act 1993, Section 113: Determination of landlord’s share, initial discount etc.


For section 148 of the 1985 Act there shall be substituted the following section—
“ Determination of landlord’s share, initial discount etc.
148 The landlord’s share shall be determined by the formula—
S=P-IPPx100the amount of the initial discount shall be determined by the formula—
ID=IPPxDand the amount of any previous discount which will be recovered by virtue of the transaction shall be determined by the formula—
RD=IPPxPDwhere—
S = the landlord’s share expressed as a percentage;
P = the price which would be payable if the tenant were exercising the right to buy;
IP = the amount of the tenant’s initial payment (but disregarding any reduction in pursuance of section 153B(3));
ID = the amount of the initial discount;
D = the amount of the discount which would be applicable if the tenant were exercising the right to buy;
RD = the amount of any previous discount which will be recovered by virtue of the transaction;
PD = the amount of any previous discount which would be recovered if the tenant were exercising the right to buy.”

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Source: https://www.legislation.gov.uk/ukpga/1993/28/section/113 (the official version)
Page: https://openlegislation.uk/leasehold-reform-housing-and-urban-development-act-1993/section-113
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.