Explanatory note

These Regulations fix the rate of interest payable in respect of any period after they come into force where entry is made onto land in England and Wales which is being purchased compulsorily before payment of compensation. The rate is fixed at 0.5% 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 the entry onto the land is made and on any subsequent such days before compensation is paid.

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