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(1)The Housing Finance Act 1972 shall have effect subject to the amendments set out in Schedule 7 to this Act.
(2)On the prescribed date local authorities shall under Part II of the Housing Finance Act 1972 bring into operation schemes varying or replacing their existing rent allowance schemes so as to take account of the amendments set out in Schedule 7 to this Act.
(3)Until the prescribed date nothing in this section or in that Schedule shall invalidate the existing allowance scheme of a local authority or cause the authority to be regarded as being in breach of section 20(1) of the Housing Finance Act 1972 (which requires allowance schemes to conform with Schedules 3 and 4 thereto), and that Act shall continue to apply in relation to the existing scheme as if this Act had not passed.
(4)In this section " the prescribed date " means such date as the Secretary of State may by order contained in a statutory instrument appoint.
(5)There shall be paid out of money provided by Parliament any increase in the sums payable out of money so provided under any Act other than this Act which is attributable to any provision of this section or Schedule 7 to this Act.
(6)There shall be paid into the Consolidated Fund any increase in the payments to be made to, or to be recoverable by, the Secretary of State under any Act other than this Act which is attributable to any provision of this section or Schedule 7 to this Act.
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