# Town and Country Planning Act 1962, Paragraph 7


If the payment area is identical with the area of the claim holding, then—
(a) in the case of a payment of an amount equal to the value of the claim holding, the claim holding shall be deemed to have been extinguished as from the date of the scheme ;
(b) in the case of a payment of an amount less than the value of the claim holding, the value of the claim holding shall be deemed to have been reduced, as from the date of the scheme, by the amount of the payment.

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Source: https://www.legislation.gov.uk/ukpga/Eliz2/10-11/38/schedule/FIFTH/paragraph/7 (the official version)
Page: https://openlegislation.uk/town-and-country-planning-act-1962/schedule-FIFTH/paragraph-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.