# The Arable Area Payments Regulations 1994, Regulation 13: Rate of interest where compensatory payments fall to be returned


(1) This regulation applies where any compensatory payment is paid to a farmer by the Minister and, by virtue of Article 14(1) of Commission Regulation (EEC) No.3887/92 laying down detailed rules for applying the integrated administration and control system for certain Community aid schemes, the farmer is required to reimburse all or part of that payment.
(2) Except where the Minister recovers from any person any compensatory payment made as a result of the error of that Minister, interest shall be charged at the rate of one percentage point above LIBOR on a day to day basis for the period specified in that Article on the amount falling to be so reimbursed.
(3) For the purposes of paragraph 2 above, LIBOR has the same meaning as in Schedule 1 to the Fossil Fuel Levy Regulations 1990.

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Source: https://www.legislation.gov.uk/uksi/1994/947/regulation/13 (the official version)
Page: https://openlegislation.uk/arable-area-payments-regulations-1994/regulation-13
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.