(1)This Act expires at the end of the period of one year beginning with commencement; but this is subject to subsections (2) and (3).
(2)The Treasury may by order provide that this Act (instead of expiring at the time it would otherwise expire) expires at the end of the period of one year from that time.
(3)The Treasury may by order provide that this Act has permanent effect.
(4)An order under this section is to be made by statutory instrument.
(5)An order under this section may be made only if a draft of the statutory instrument containing it has been laid before, and approved by a resolution of, each House of Parliament.
(6)If this Act expires by virtue of this section—
(a)the Act is to be treated as never having been in force, and
(b)accordingly, where—
(i)a judgment was given, or order or arbitration award made, on a relevant claim (as defined by section 5(2)) while the Act was in force, and
(ii)the amount of the judgment, order or award is, as a result of section 3, less than it would be if that section had not applied in relation to the claim,
the amount of the judgment, order or award is to be treated as equal to the amount it would be if the section had not applied in relation to the claim.