[F1Regular review of rates of returnN.I.
Textual Amendments
F1Sch. C1 inserted (N.I.) (10.2.2022) by Damages (Return on Investment) Act (Northern Ireland) 2022 (c. 1), s. 5(2), Sch.; S.R. 2022/30, art. 2(c)
1(1)The rate-assessor must review any original rate of return.N.I.
(2)A review under sub-paragraph (1) must be started by the rate-assessor on the appointed day.
(3)For the purposes of this paragraph, an original rate of return is—
(a)a rate of return to which paragraph 27(1) applies, or
(b)the position of there being no rate of return to which paragraph 27(1) applies.
2(1)The rate-assessor must review every subsequent rate of return.N.I.
(2)A review under sub-paragraph (1) must be started by the rate-assessor—
(a)in relation to the first such review—
(i)on 1st July 2024, or
(ii)earlier as is required by the Department of Justice;
(b)in relation to any subsequent review—
(i)on the day after the last day of the 5-year period, or
(ii)earlier within the 5-year period as is required by the Department of Justice.
(3)Where a review under sub-paragraph (1) is started earlier by virtue of sub-paragraph (2)(a)(ii) or (2)(b)(ii), it is to be treated as an extra review that does not affect the starting date for the first review of 1st July 2024 or the running of the 5-year period in relation to the previous review (and no 5-year period runs under sub-paragraph (2) in relation to the extra review).
(4)For the purposes 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)).
3(1)A review of a rate of return under paragraph 1(1) or 2(1) must be concluded by the rate-assessor within the 90-day period.N.I.
(2)For the purposes of this paragraph, the 90-day period is the period of 90 days beginning with the day on which the review must be started by the rate-assessor.]