(1) This section applies if—
(a) a person (the transferor ) acquired an interest in land described in an affected lease before 19 February 2014; and
(b) after 18 February 2014, a lessee acquires from the transferor an interest in the land other than by entering into a contract for sale; and
(c) the lessee surrenders the affected lease under the LAIE buyback program.
(2) The prescribed amount is the greater of the following amounts:
(a) the amount payable to the lessee for the surrender under the LAIE buyback program valuation procedure;
(b) the amount payable to the lessee under the Act
, section 358.