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Statutory Instruments
1992 No. 3183
ACQUISITION OF LAND
COMPENSATION
The Acquisition of Land (Rate of Interest after Entry) Regulations 1992
Made
15th December 1992
Laid before Parliament
16th December 1992
Coming into force
11th January 1993
The Treasury, in exercise of the powers conferred upon them by section 32(1) of the Land Compensation Act 1961(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) Regulations 1992, and shall come into force on the 11th January 1993.
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 9 per cent. per annum.
3. The Acquisition of Land (Rate of Interest after Entry) Regulations 1991(2) are hereby revoked.
Gregory Knight
Tim Wood
Two of the Lords Commissioners of Her Majesty's Treasury
15th December 1992
Explanatory Note
(This note is not part of the Regulations)
These regulations decrease from 11½ per cent. to 9 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 England and Wales which is being purchased compulsorily, and revoke the Acquisition of Land (Rate of Interest after Entry) Regulations 1991.
S.I. 1991/2732.