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Amendment of section 7F of Principal Act
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4. Section 7F of the Principal Act is amended, in subsection (4A)—
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(a) in paragraph (a), by the substitution of “6 per cent per annum” for “4. 4 per cent per annum”,
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(b) in paragraph (b), by the substitution of “Subject to paragraph (c), paragraph (a) shall, with all necessary modifications, apply” for “Paragraph (a) shall, with all necessary modifications, apply”, and
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(c) by the addition of the following paragraph after paragraph (b):
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“(c) In respect of each of the following applicable 3 year periods—
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(i) the 3 year period from 1 January 2020 to the end of 2022, and
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(ii) the 3 year period from 1 January 2021 to the end of 2023,
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the reference in paragraph (a) to 6 per cent per annum shall, as respects the applicable 3 year period referred to in subparagraph (i), be read as a reference to 4. 9 per cent per annum and, as respects the applicable 3 year period referred to in subparagraph (ii), be read as a reference to 5. 5 per cent per annum and paragraph (a) shall apply accordingly.”.
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