2016 No. 258

Acquisition Of LandCompensation

The Acquisition of Land (Rate of Interest after Entry) (Scotland) Amendment Regulations 2016

Made

Laid before the Scottish Parliament

Coming into force

The Scottish Ministers make the following Regulations in exercise of the powers conferred by section 40(1) of the Land Compensation (Scotland) Act 19631 and all other powers enabling them to do so.

Citation and commencement1

These Regulations may be cited as the Acquisition of Land (Rate of Interest after Entry) (Scotland) Amendment Regulations 2016 and come into force on 30th September 2016.

Amendment of the Acquisition of Land (Rate of Interest after Entry) (Scotland) Regulations 19952

1

The Acquisition of Land (Rate of Interest after Entry) (Scotland) Regulations 19952 are amended as follows.

2

In regulation 2 (rate of interest), at the end of paragraph (1) insert “, except that if the standard rate is lower than 0.5 per cent, the rate of interest on the compensation shall be 0 per cent per annum”.

KEVIN STEWARTAuthorised to sign by the Scottish MinistersSt Andrew’s House,Edinburgh
EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations amend the Acquisition of Land (Rate of Interest after Entry) (Scotland) Regulations 1995 (“the 1995 Regulations”). In respect of land in Scotland which has been compulsorily acquired, the 1995 Regulations set the rate of interest payable on compensation in circumstances where entry is made on land before the compensation has been paid.

Regulation 2 amends the 1995 Regulations to provide that the minimum rate of interest payable is 0 per cent per annum.

An impact assessment has not been prepared for this instrument because no impact on the private or voluntary sector is foreseen.