Schedule 37 of the 2026 Act inserts new Schedules 7A and 7B into the 1954 Act. The core future rule applies to certain terms where the lease calculation would make the new passing rent higher than a reference amount. When the rule applies, the terms have no effect to that extent and the new passing rent is set at the reference amount.
The reference amount is the benchmark produced by the review, such as an index-linked figure, market rent, another actual or notional rent figure, or turnover. The legal question is what the formula does, not whether the clause carries an 'upward-only' label.