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1Where a rent for a dwelling which is subject to a regulated tenancy is registered under Part IV of the [1968 c. 23.] Rent Act 1968 and the registration is the first—
(a)after the tenancy has become a regulated tenancy by virtue of Part III of this Act; or
(b)after the completion, during the existence of the tenancy, of works towards the cost of which a grant was payable under Part I of this Act;
then if the rent payable under the tenancy for any statutory period beginning during the period of delay imposed by paragraph 2 of this Schedule is less than the rent so registered, it shall not be increased by a notice of increase under section 22(2) of the [1968 c. 23.] Rent Act 1968 except to the extent (if any) permitted under the following provisions of this Schedule ; and any such notice which purports to increase it further shall have effect to increase it to the extent so permitted but no further.
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