SCHEDULE 1 Permitted Payments

SCHEDULE 1 Permitted Payments

Section 3

Rent

1

(1)     A payment of rent under a tenancy is a permitted payment.

(2)     But, subject as follows, if the amount of rent payable in respect of any relevant period (“P1â€) is more than the amount of rent payable in respect of any later relevant period (“P2â€), the additional amount payable in respect of P1 is a prohibited payment.

(3)     Where there is more than one later relevant period in respect of which the amount of rent payable is lower than the amount of rent payable in respect of P1—

(a)     if different amounts of rent are payable for different later relevant periods, P2 is the relevant period for which the lowest amount of rent is payable;

(b)     if the same amount of rent is payable for more than one later relevant periods, P2 is the first of those periods.

(4)     The following provisions apply for the purposes of determining—

(a)     whether the amount of rent payable in respect of a relevant period is more than the amount of rent payable in respect of a later relevant period, and

(b)     the difference between the amount of rent payable in respect

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