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5(1)Such compensation as is just is to be paid to a third party in respect of any right which would, apart from paragraph 4, have operated in favour of, or become exercisable by, him but which, in consequence of the operation of that paragraph, cannot subsequently operate in his favour or become exercisable by him.E+W
(2)Any compensation payable by virtue of sub-paragraph (1) is to be paid by the transferor, by the transferee or by both.
(3)A property transfer scheme may provide for the determination of any disputes as to—
(a)whether, and (if so) how much, compensation is payable by virtue of sub-paragraph (1), and
(b)the person to whom or by whom it is to be paid.
(4)“Third party” means a person other than the transferor or the transferee.