Paragraph 1 Periodic reviews of the rate of returnF1

The Lord Chancellor must review the rate of return periodically in accordance with this paragraph.

The first review of the rate of return must be started within the 90 day period following commencement.

Each subsequent review of the rate of return must be started within the 5 year period following the last review.

It is for the Lord Chancellor to decide—

In this paragraph—

• “90 day period following commencement” means the period of 90 days beginning with the day on which this paragraph comes into force;

• “5 year period following the last review” means the period of five years beginning with the day on which the last review under this paragraph (whether under sub-paragraph (2) or (3)) is concluded.

For the purposes of this paragraph a review is concluded on the day when the Lord Chancellor makes a determination under paragraph 2 or 3 (as the case may be) as a result of the review.