Paragraph 2 F1

(1)

The rate-assessor must review every subsequent rate of return.

(2)

A review under sub-paragraph (1) must be started by the rate-assessor—

(a)

on the day after the last day of the 5-year period, or

(b)

earlier within the 5-year period as is required by the Scottish Ministers.

(3)

Where a review under sub-paragraph (1) is started earlier by virtue of sub-paragraph (2)(b), it is to be treated as an extra review that does not affect the running of the 5-year period in relation to the previous review (and no 5-year period runs under sub-paragraph (2)(a) in relation to the extra review).

(4)

For the purpose of this paragraph—

(a)

a subsequent rate of return is a rate of return that is set—

(i)

for the time being (including by reason of an extra review as mentioned in sub-paragraph (3)), and

(ii)

subsequently to an original rate of return as described in paragraph 1(3)(a) (including as a result of a review under sub-paragraph (1) conducted from time to time by virtue of the continuing operation of sub-paragraph (2)(a) and (b)),

(b)

the 5-year period is the period of 5 years beginning with the day on which the previous review of a rate of return must be started (ignoring an extra review as mentioned in sub-paragraph (3)).

Annotations

Textual amendments

F1: Sch. B1 inserted (S.) (1.7.2019) by Damages (Investment Returns and Periodical Payments) (Scotland) Act 2019 (asp 4), s. 9(2), sch.; S.S.I. 2019/197, reg. 2