4(1)In Schedule 6, paragraph 7 is amended as follows.E+W
(2)For sub-paragraph (2) substitute—
“(2)The value of an intermediate leasehold interest which is the interest of the tenant under a minor intermediate lease is to be calculated in accordance with regulations made by the appropriate national authority instead of in accordance with sub-paragraph (1).”
(3)In sub-paragraph (4)—
(a)for “formula set out in sub-paragraph (7)” substitute “ calculation method mentioned in sub-paragraph (2) ”;
(b)for “by so applying the formula” substitute “ in accordance with that method ”.
(4)Omit sub-paragraphs (7) and (8).
(5)After sub-paragraph (10) insert—
“(11)In sub-paragraph (2) “appropriate national authority” means—
(a)in relation to a leasehold interest of land in England, the Secretary of State;
(b)in relation to a leasehold interest of land in Wales, the Welsh Ministers.”
(6)The amendments made by this paragraph apply to cases where the relevant date is—
(a)before this Act is passed, but
(b)on or after 11 July 2015,
as well as to cases where the relevant date is after this Act is passed.
(7)The “relevant date” has the meaning given by section 1(8) of the Leasehold Reform, Housing and Urban Development Act 1993.