Statutory Instrument 1995 No. 2791 (S. 206)

The Acquisition of Land (Rate of Interest after Entry) (Scotland) Regulations 1995

---

© Crown Copyright 1995

Statutory Instruments printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament.

The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.

It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Queen's Printer imprints which should be removed from any copies of the Statutory Instrument which are issued or made available to the public. This includes reproduction of the Statutory Instrument on the Internet and on intranet sites. The Royal Arms may be reproduced only where they are an integral part of the original document.

The text of this Internet version of the Statutory Instrument which is published by the Queen's Printer of Acts of Parliament has been prepared to reflect the text as it was Made. A print version is also available and is published by The Stationery Office Limited as the The Acquisition of Land (Rate of Interest after Entry) (Scotland) Regulations 1995, ISBN 0110537033. The print version may be purchased by clicking here. Braille copies of this Statutory Instrument can also be purchased at the same price as the print edition by contacting TSO Customer Services on 0870 600 5522 or e-mail:customer.services@tso.co.uk.

Further information about the publication of legislation on this website can be found by referring to the Frequently Asked Questions.

To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.

1995 No. 2791 (S. 206)

ACQUISITION OF LAND
COMPENSATION

The Acquisition of Land (Rate of Interest after Entry) (Scotland) Regulations 1995

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:

Citation and commencement
    1.    These Regulation may be cited as the Acquisition of Land (Rate of Interest after Entry) (Scotland) Regulations 1995 and shall come into force on 31st December 1995.

Rate of Interest
    2.—(1)  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 0.5 per cent per annum below the standard rate described in paragraph (2) below.

    (2)  For the purposes of paragraph (1) above, the standard rate is:
 (a) the base rate quoted by the reference banks and effective on the reference day most recently preceding the day on which the entry to the land has been made or, where that day is a reference day, such reference day; and
 (b) the base rate quoted by the reference banks and effective on each subsequent reference day preceding payment of compensation.

    (3)  If different base rates are quoted by different banks and effective on a reference day, the rate which, when the base rate quoted by each reference bank is ranked in a descending sequence of seven, is fourth in the sequence is to be used to obtain the standard rate.

    (4)  If more than one base rate is quoted by a reference bank and effective on a reference day, the last quoted rate shall be treated as the base rate quoted by that reference bank and effective on that day.

    (5)  For the purposes of paragraphs (2), (3) and (4) above:
 (a) the reference banks, in relation to any reference day, are the seven largest institutions—
 (i) authorised by the Bank of England under the Banking Act 1987^[2] and
 (ii) incorporated in and carrying on a deposit-taking business in the United Kingdom,
which quote a base rate in sterling effective as mentioned in paragraphs (2), (3) and (4) above; and
 (b) the size of an institution is to be determined by reference to its total consolidated gross assets denominated in sterling, as shown in its audited end-year accounts last published before the relevant reference day.

    (6)  In paragraph (5)(b) above, the reference to the consolidated gross assets of an institution is a reference to the gross assets of that institution together with any subsidiary (within the meaning of section 736 of the Companies Act 1985)^[3].

    (7)  For the purposes of paragraph (2) above, the reference days are 31 March, 30 June, 30 September and 31 December (or, if any such day is not a business day, the next business day).

Revocation
    3.    The Acquisition of Land (Rate of Interest after Entry) (Scotland) Regulations 1994^[4] are hereby revoked.

Simon Burns

Derek Conway

Two of the Lords Commissioners of Her Majesty's Treasury

25th October 1995

These Regulations fix the rate of interest payable in respect of any period after the coming into force of these Regulations where entry is taken to land in Scotland which is being compulsorily purchased. The rate of interest is fixed at 0.5 per cent below the standard rate applying from time to time. The standard rate is the base rate quoted by the seven largest banks authorised under the Banking Act 1987 and quoting sterling base rates on whichever of the reference days most recently precedes the date when entry to the land is taken and on any subsequent reference days before compensation is paid.

These Regulations also revoke the Acquisition of Land (Rate of Interest after Entry) (Scotland) Regulation 1994.

[1] 1963 c. 51. back

[2] 1987 c. 22. back

[3] 1985 c. 6; section 736 was substituted by section 144(1) of the Companies Act 1989 (c. 40). back

[4] S.I. 1994/469. back