economic rent "economic rent", in relation to any premises or part of any premises, means the rent at which those premises or that part might reasonably be expected to be let if - (a) the lessor covenanted to pay the cost of fire insurance, public rates and work of repair and maintenance (being work which would normally be included in a covenant to repair and maintain if such a covenant were entered into by a lessor dealing at arm's length); and (b) any written law providing for the restriction or control of rents were disregarded; ACT 53 - INCOME TAX ACT 1967 18. Interpretation of Part III.