{
  "url": "https://openlegislation.uk/long-leases-scotland-act-2012/section-47",
  "json_url": "https://openlegislation.uk/long-leases-scotland-act-2012/section-47.json",
  "legislation": "asp/2012/9",
  "legislation_title": "Long Leases (Scotland) Act 2012",
  "legislation_url": "https://openlegislation.uk/long-leases-scotland-act-2012",
  "path": "section/47",
  "kind": "section",
  "number": "47",
  "heading": "Calculation of the compensatory payment",
  "text": "The compensatory payment in relation to a lease is calculated as follows—\nStep 1\nDetermine the annual rent (AR) in accordance with section 48.\nStep 2\nCalculate the notional annual renewal premium (NARP) (if any) in accordance with section 49.\nStep 3\nCalculate the annual income (AI) according to the following formula—\nAI = AR + NARP.\nStep 4\nCalculate the sum of money which would, if invested in 2.5 per cent Consolidated Stock at the middle market price at the close of business last preceding the appointed day, produce an annual sum equal to AI.\nThe sum calculated is the compensatory payment.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "S. 47 in force at 28.11.2013 by S.S.I. 2013/322, art. 2(d)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/asp/2012/9/section/47",
    "retrieved_at": "2026-10-29T20:14:42.557730+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}