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The Acquisition of Land (Rate of Interest after Entry) (Scotland) Regulations 1991

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Statutory Instruments

1991 No. 2733

ACQUISITION OF LAND

COMPENSATION

The Acquisition of Land (Rate of Interest after Entry) (Scotland) Regulations 1991

Made

3rd December 1991

Laid before Parliament

9th December 1991

Coming into force

30th December 1991

The Treasury, in exercise of the powers conferred upon them by section 40(1) of the Land Compensation (Scotland) Act 1963((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) (Scotland) Regulations 1991, and shall come into force on the 30th December 1991.

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 11 per cent. per annum.

3.  The Acquisition of Land (Rate of Interest after Entry) (Scotland) Regulations 1989((2)) are hereby revoked.

Sydney Chapman

Gregory Knight

Two of the Lords Commissioners of Her Majesty’s Treasury

3rd December 1991

Explanatory Note

(This note is not part of the Regulations)

These Regulations decrease from 13 per cent. to 11½ 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 Scotland which is being purchased compulsorily, and revoke the Acquisition of Land (Rate of Interest after Entry) (Scotland) Regulations 1989.

(2)

S.I. 1989/1840.

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