Statutory Instruments
ACQUISITION OF LAND
COMPENSATION
Made
29th November 1988
Laid before Parliament
2nd December 1988
Coming into force
23rd December 1988
The Treasury, in exercise of the powers conferred upon them by section 32(1) of the Land Compensation Act 1961(1), and of all other powers enabling them in that behalf, hereby make the following Regulations:
1. These Regulations may be cited as the Acquisition of Land (Rate of Interest after Entry) (No. 2) Regulations 1988, and shall come into force on the 23rd December 1988.
2. The rate of interest on any compensation in respect of the compulsory acquisition of an interest in any land on which entry has been made before the payment of the compensation shall be 11⅞ per cent. per annum.
3. The Acquisition of Land (Rate of Interest after Entry) Regulations 1988(2) are hereby revoked.
David Maclean
Kenneth Carlisle
Two of the Lords Commissioners of Her Majesty’s Treasury
29th November 1988
(This note is not part of the Regulations)
These Regulations increase from 9¼ per cent. to 11⅞ per cent. per annum, in respect of any period after the coming into force of these Regulations, the rate of interest payable where entry is made, before payment of compensation, on land in England and Wales which is being purchased compulsorily, and revoke the Acquisition of Land (Rate of Interest after Entry) Regulations 1988.
S.I. 1988/874.