Regulation 4 Reserved part of capital receipts

In regulation 14, in paragraph (19), for sub-paragraph (e) substitute the following sub-paragraph —

“(e)

if, at the time of the authority’s decision to dispose of their interest in the land, the land was subject to a contract for an agricultural tenancy, the authority have offered to dispose of their interest to the tenant under the tenancy at a price not exceeding an amount determined in accordance with the formula —

$$\genfrac{}{}{0.1ex}{}{3\times \left(\mathrm{P1}-\mathrm{P2}\right)}{4}+\mathrm{P2}$$

where —

• “P1”means the price which the authority would reasonably expect to be agreed for a sale of the interest on the open market subject to a surrender of the tenancy; and

• “P2”means the price which the authority would reasonably expect to be agreed for a sale of the interest on the open market subject to the tenancy.”.