9 Amendment of regulation 3B
1 Amend regulation 3B as follows.
Regulation 3B was inserted by S.I. 1993/2212.
2 In paragraph (2) for the words from “percentage” to the end substitute—

“higher of—
(a) 0.5% per annum, and
(b) the percentage per annum found by applying the formula specified in paragraph (3).”

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3 For paragraph (3) substitute—

“3 The formula specified in this paragraph is—
RR−1,
where RR is the reference rate referred to in paragraph (2).”

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