The Acquisition of Land (Rate of Interest after Entry) (Scotland) Regulations 1994

Made28th February 1994

Laid before Parliament1st March 1994

Coming into force23rd March 1994

The Treasury, in exercise of the powers conferred upon them by section 40(1) of the Land Compensation (Scotland) Act 19631, 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 1994, and shall come into force on 23rd March 1994.

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 6 ½ per cent. per annum.

3

The Acquisition of Land (Rate of Interest after Entry) (Scotland) (No. 2) Regulations 19922 are hereby revoked.

Irvine PatnickAndrew MacKayTwo of the Lords Commissioners of Her Majesty’s Treasury28th February 1994

(This note is not part of the Regulations)

These Regulations decrease from 9 per cent. to 6 ½ 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) (No. 2) Regulations 1992.