20(1)Where paragraph 18(1) applies to any interest in any property to which paragraph 12(1) applies, the value of the interest for the purposes of paragraph 12(2) shall be nil, unless sub-paragraph (2) below applies.E+W
(2)Where, in the case of any property, paragraph 18(1) applies to every interest which is to be acquired by the nominee purchaser—
(a)sub-paragraph (1) above shall not apply for the purposes of paragraph 12(2); and
(b)any division falling to be made on the proportional basis referred to in paragraph 12(2) shall be so made in such a way as to secure that the greater the negativity of an interest’s value the smaller the share in respect of the interest.
(3)Where in the case of any property—
(a)paragraph 18(2) operates to reduce the value of any such superior interest as is there mentioned (“the superior interest”), and
(b)after the operation of that provision there remains any interest which is to be acquired by the nominee purchaser and whose value for the relevant purposes is a positive amount,
the value of the superior interest for the purposes of paragraph 12(2) shall be the value which (in accordance with paragraph 18(2)) it has for the relevant purposes.
(4)Where in the case of any property—
(a)paragraph 18(2) operates to reduce the value of any such superior interest as is there mentioned (“the superior interest”), but
(b)after the operation of that provision there remains no such interest as is mentioned in sub-paragraph (3)(b) above,
the value of the superior interest for the purposes of paragraph 12(2) shall be the value which it has for the relevant purposes apart from paragraph 18(2).