This Act shall not affect any action or arbitration brought before the commencement of this Act or any proceedings brought to enforce a decision in the action or arbitration.

Subject to paragraph 1, this Act applies to acts or omissions before it comes into force as well as to later ones, and for the purposes of the M1Limitation Act 1939, the M2Statute of Limitations (Nothern Ireland) 1958, or any other limitation enactment, the cause of action shall be treated as having accrued at the time of the act or omission even if proceedings could not have been brought before the commencement of this Act.

For the purposes of this Schedule, any claim by way of set-off or counterclaim shall be deemed to be a separate action, and to have been brought on the same date as the action in which the set-off or counterclaim is pleaded.