1.—(1) This Order may be cited as the Late Payment of Commercial Debts (Rate of Interest) (Scotland) Order 2002 and shall come into force on 7th August 2002.
(2) This Order extends to Scotland only.
2. The Late Payment of Commercial Debts (Rate of Interest) (No. 2) Order 1998(1) is revoked.
3. In this Order, “the official dealing rate” means the rate announced from time to time by the Monetary Policy Committee(2) of the Bank of England (“the Bank”) and for the time being in force as the official dealing rate, being the rate at which the Bank is willing to enter into transactions for providing short term liquidity in the money markets.
4. The rate of interest for the purposes of the Late Payment of Commercial Debts (Interest) Act 1998 shall be 8 percent per annum over the official dealing rate in force on the 30th June (in respect of interest which starts to run between 1st July and 31st December) or the 31st December (in respect of interest which starts to run between 1st January and 30th June) immediately before the day on which statutory interest starts to run.
LEWIS MACDONALD
Authorised to sign by the Scottish Ministers
St Andrew’s House,
Edinburgh
2nd July 2002