Statutory Instruments
Acquisition Of Land, England And Wales
Compensation, England And Wales
Made
6th September 2016
Laid before Parliament
7th September 2016
Coming into force
30th September 2016
The Treasury, in exercise of the powers conferred by section 32(1) of the Land Compensation Act 1961(1), make the following Regulations:
1. These Regulations may be cited as the Acquisition of Land (Rate of Interest after Entry) (Amendment) Regulations 2016 and come into force on 30th September 2016.
2.—(1) The Acquisition of Land (Rate of Interest after Entry) Regulations 1995(2) are amended as follows.
(2) In regulation 2 (rate of interest) at the end of paragraph (1) insert “, except that if the standard rate is less than 0.5 per cent. per annum, the rate of interest on the compensation shall be 0 per cent. per annum”.
Guy Opperman
Andrew Griffiths
Two of the Lords Commissioners of Her Majesty’s Treasury
6th September 2016
(This note is not part of the Regulations)
These Regulations amend the Acquisition of Land (Rate of Interest after Entry) Regulations 1995. In respect of land in England and Wales which has been compulsorily acquired, those Regulations (“the 1995 Regulations”) set the rate of interest payable on compensation in circumstances where entry is made on land before the compensation has been paid.
Regulation 2 amends the 1995 Regulations to provide that the minimum rate of interest payable is 0 per cent. per annum.
An impact assessment has not been prepared for this instrument because no significant impact on the private or voluntary sector is foreseen.