§ Amendments made: No. 81, in page 97, leave out lines 5 to 15.
§ No. 82, in page 97, leave out lines 19 to 26 and insert—
§ '(3A) Where, in the case of a dwelling-house which is a house, the weekly rent at the relevant time did not exceed the relevant amount, the minimum initial payment shall be determined by the formula—
§ P=R x M
§ where—
§ P = the minimum initial payment;
§ R= the amount of the weekly rent at the relevant time;
§ M = the multiplier which at that time was for the time being declared by the Secretary of State for the purposes of this subsection.
§ (3B) Where, in the case of a dwelling-house which is a house, the weekly rent at the relevant time exceeded the relevant amount, the minimum initial payment shall be determined by the formula—
§ P=Q+(E x M)
§ where—
§ P=the minimum initial payment;
§ Q=the qualifying maximum for the year of assessment which included the relevant time;
§ E=the amount by which the weekly rent at that time exceeded the relevant amount;
§ M=the multiplier which at that time was for the time being declared by the Secretary of State for the purposes of this subsection.
§ (3C) The minimum initial payment in respect of a dwelling-house which is a flat is 80 per cent. of the amount which would be the minimum initial payment in respect of the dwelling-house if it were a house.
§ (4) The relevant amount and multipliers for the time being declared for the purposes of this section shall be such that, in the case of a dwelling-house which is a house, they will produce a minimum initial payment equal to the capital sum which, in the opinion of the Secretary of State, could be raised on a 25 year repayment mortgage in the case of which the net amount of the monthly mortgage payments was equal to the rent at the relevant time calculated on a monthly basis.".
§
No. 83, in page 97, line 37, after 'section' insert—
'net amount', in relation to monthly mortgage payments,means the amount of such payments after deduction of tax under section 369 of the Income and Corporation Taxes Act 1988 (mortgage interest payable under deduction of tax);
'qualifying maximum' means the qualifying maximum
950
defined in section 367(5) of that Act (limit on relief for interest on certain loans);
'relevant amount' means the amount which at the relevant time was for the time being declared by the Secretary of State for the purposes of this section;
'relevant time' means the time of the service of the landlord's notice under section 146 (landlord's notice admitting or denying right);".