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The Non-Domestic Rating (Payment of Interest) (Scotland) Amendment Regulations 2009
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- 2009 No. 76
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations amend the Non-Domestic Rating (Payment of Interest) (Scotland) Regulations 1992. In certain cases where a rating authority in Scotland repays rates overpaid in error or in consequence of the entry on to a valuation roll of a valuation which is subsequently reduced, a payment in respect of interest requires to be made.
Regulation 3(2) provides that no interest will be payable if, in respect of any year, the relevant Bank of England base lending rate is 1% or less. This is to avoid uncertainty about whether the regulations would require application of a negative interest rate if that rate fell below 1%.
Regulation 4(a) preserves the rule for calculating the amount of interest for periods up to 31st March 2009.
Regulation 4(b) provides the rule for calculating the amount of interest for periods from 1st April 2009. It provides that the calculation will be based on the Bank of England base lending rate, rather than by reference to the base rates of seven banks. This change is being made to simplify administration.
Regulation 5 revokes provisions relating to repayments made before 1st October 1992, which are spent.
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