§ 1. Where this Schedule applies to any tenancy and a premium was lawfully required and paid—
- (a) on the grant of the tenancy; or
- (b) on an assignment of the tenancy before 27th November 1967;
§ 2. The permissible part shall be such part of the premium as bears to the whole thereof the same proportion as the period referable to that part bears to the period referable to the premium; and there shall be taken, as the period referable to the premium—
- (a) if it was paid on the grant of the tenancy, the term for which it was granted; and
- (b) if it was paid on an assignment of the tenancy, the residue of that term at the date of the assignment;
§ 3. Where the tenancy to which this Schedule applies was granted on the surrender of a previous tenancy and a premium has been lawfully required and paid on the grant or an assignment of the previous tenancy, the surrender value of the previous tenancy shall be treated, for the purposes of this Schedule, as a premium or, as the case may be, part of the premium, paid on the grant of the tenancy to which this Schedule applies.
§ 4. For the purposes of paragraph 3 of this Schedule the surrender value of the previous tenancy shall be taken to be the amount which, had the previous tenancy been assigned instead of being surrendered and had this Schedule applied to it, would have been the amount that could have been required and received on the assignment in pursuance of this Schedule.
§ 5. In determining for the purposes of this Schedule the amount which may be or could have been required and received on the assignment of a tenancy terminable before the end of the term for which it was granted, by notice to the tenant, that term shall be taken to be a term expiring at the earliest date on which such a notice given after the date of the assignment would have been capable of taking effect.—[Mr. MacColl.]
§ Brought up, read the First and Second time, and added to the Bill.