1181. Tenancies granted between end of August 1939 and beginning of April 1963.

A tenancy1 granted between the end of August 1939 and the beginning of April 1963, otherwise than by way of building lease2, whether or not it is to be treated3 for other purposes as forming a single tenancy with a previous tenancy, is not regarded as a tenancy at a low rent4 if at the commencement of the tenancy the rent payable under the tenancy exceeded two-thirds of the letting value of the property, on the same terms