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Neighbourhood Planning Act 2017

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This is the original version (as it was originally enacted).

25Interest on advance payments of compensation paid late

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(1)If an acquiring authority is required by section 24(2) to make an advance payment of compensation but pays some or all of it after the day or (as the case may be) the end of the period specified in section 24(6), the authority must pay interest on the amount which is paid after that period (the “unpaid amount”).

(2)Interest under subsection (1) accrues on the unpaid amount for the period beginning with the day after the day or (as the case may be) the end of the period specified in section 24(6).

(3)If the total amount of any advance payment made under section 24 is greater than the compensation as finally determined or agreed (the “actual amount”), the claimant must repay any interest paid under this section that is attributable to the amount by which the advance payment exceeded the actual amount.

(4)The Treasury must by regulations specify the rate of interest for the purposes of subsection (1).

(5)Regulations under subsection (4) may contain further provision in connection with the payment of interest under subsection (1).

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