Paragraph 2(3) of Schedule 1 to the Housing Act 1961, in its application by virtue of paragraph 3 of that Schedule to a dwelling to which the said paragraph 3 applies, shall have effect in relation to any financial year beginning after the appoined day as if for the references to the product of a penny rate there were substituted references to the product of a penny rate there were substituted references to the product of a new penny rate.