Land Regulation 2020

This section applies in relation to a category 11.1 or 11.2 tenure (the current tenure) for land (the subject land), but does not apply if—

immediately before the current rental period for the current tenure—

the current tenure was not in force; and

there was no corresponding tenure to the current tenure; or

a designated set rent has been set for the tenure; or

the tenure is a freeholding lease.

If the Minister considers that an increase of the rent under section 35 for the current tenure is excessive, the Minister may decide that the rent for the tenure for the current rental period is the rent worked out using the following formula—where—

if the current tenure was in force immediately before the current rental period for the tenure—the rent for the tenure for the previous rental period; or

if, immediately before the current rental period for the current tenure, the current tenure was not in force, but a corresponding tenure to the current tenure was in force—the notional rent for the corresponding tenure for the previous rental period.

For this section, a tenure is a corresponding tenure to a current tenure if—

the tenure was a former tenure of the current tenure for the subject land, whether or not of the same area as the subject land; and

the tenure was ended for the purpose of changing its area, issuing a new tenure or for renewal or conversion under the Act (each a relevant action); and

the current tenure was created as a result of taking a relevant action.

In this section—

in relation to a current tenure that was in force immediately before the current rental period—the rental period for the tenure that ended immediately before the current rental period started; or

in relation to a corresponding tenure to a current tenure—the last rental period for which the corresponding tenure was in force.