In the case of a provision which is made by or under any enactment and refers to a rate or a rateable value or any other factor connected with rating, the Secretary of State may make regulations—
and this section shall have effect in place of section 119 of the Local Government Finance Act 1988.
Regulations under this section—
A factor expressed by reference to rent may be by reference to ground rent, rent of premises at a market rate, rent as limited by law, or otherwise.
Nothing in this section shall be construed as limiting the power conferred by section 14 of the Interpretation Act 1978 to revoke, amend or vary regulations previously made under this section.
In this section "enactment" means an enactment contained in Schedule 10 to this Act, or in any other Act whether passed before or in the same Session as this Act; and for this purpose "Act" includes a private or local Act.
Without prejudice to the generality of the powers conferred by this section, section 37 of the Landlord and Tenant Act 1954 (which provides for compensation by reference to rateable values) shall be amended in accordance with Schedule 7 to this Act.