Sch 15 para 38
(1) In this Schedule— “ short tenancy ” means a tenancy for a year or from year to year or any lesser interest, and “ long tenancy which is about to expire ”, in relation to a general vesting declaration, means a tenancy granted for an interest greater than a short tenancy, but having at the date of the declaration a period still to run which is not more than the specified period (that is to say, such period, longer than one year, as may for the purposes of this paragraph be specified in the declaration in relation to the land in which the tenancy subsists). (2) In determining for the purposes of this paragraph what period a tenancy still has to run at the date of a general vesting declaration it shall be assumed— (a) that the tenant will exercise any option to renew the tenancy, and will not exercise any option to terminate the tenancy, then or later available to him, and (b) that the landlord will exercise any option to terminate the tenancy then or later available to him.