Textual Amendments
F1Sch. A1 inserted (E.W.) (20.12.2018) by Civil Liability Act 2018 (c. 29), ss. 10(2), 14
3(1)This paragraph applies whenever the Lord Chancellor is required by paragraph 1(3) to conduct a review of the rate of return.
(2)The Lord Chancellor must review the rate of return and determine whether it should be—
(a)changed to a different rate, or
(b)kept unchanged.
(3)The Lord Chancellor must conduct that review and make that determination within the 180 day review period.
(4)In conducting the review, the Lord Chancellor must consult—
(a)the expert panel established for the review, and
(b)the Treasury.
(5)The expert panel must respond to the consultation within the period of 90 days beginning with the day on which its response to the consultation is requested.
(6)The exercise of the power of the Lord Chancellor under this paragraph to determine whether the rate of return should be changed or kept unchanged is subject to paragraph 4.
(7)When deciding what response to give to the Lord Chancellor under this paragraph, the expert panel and the Treasury must take into account the duties imposed on the Lord Chancellor by paragraph 4.
(8)In this paragraph “180 day review period” means the period of 180 days beginning with the day which the Lord Chancellor decides (under paragraph 1) should be the day on which the review is to start.]