87Calculation of amount to be paid on breach of conditionsS
(1)In the case of a grant, the sums mentioned in section 86(1) are—
(a)the whole amount of the grant in relation to the work in question, and
(b)interest on the grant accruing from the date of its payment or, where it was paid by instalments, from the date of payment of the final instalment to the date on which the amount mentioned in paragraph (a) is paid.
(2)In the case of a standard loan, those sums are—
(a)the whole amount of the loan in relation to the work in question, and
(b)any interest or other charge on the loan which has accrued to the date on which the amount mentioned in paragraph (a) is paid and which remains outstanding on that date.
(3)In the case of a subsidised loan, those sums are—
(a)the whole amount of—
(i)the repayment element, and
(ii)the interest free element,
of the loan in relation to the work in question,
(b)any interest or other charge on the repayment element which has accrued to the date on which the amount mentioned in paragraph (a)(i) is paid and which remains outstanding on that date, and
(c)any interest or other charge on the interest free element, for which the applicant would have been liable had that element been treated as forming part of the repayment element and which would have accrued to the date on which the amount mentioned in paragraph (a)(ii) is paid.
(4)The reference to “interest” in subsection (1)(b) is to compound interest at such reasonable rate as the local authority determines and with yearly rests.
Commencement Information
I1S. 87 in force at 1.4.2009 by S.S.I. 2009/122, art. 3