Regulation 9 InterestI1
England and Wales
A local authority may charge interest on an adult’s deferred amount and any amounts which are treated in the same way as the deferred amount provided that, before entering into the agreement, it informs the adult that it proposes to do so and of the rate at which interest will be charged.
The interest may be treated in the same way as the adult’s deferred amount, unless the adult requests to pay the interest separately.
The interest rate is a rate that does not exceed the relevant rate for the relevant period plus 0.15%.
The relevant rate is the weighted average interest rate on conventional gilts specified for the financial year in which the relevant period starts in the most recent report published before the start of the relevant period by the Office of Budget Responsibilityf1 under section 4(3) of the 2011 Actf2.
The relevant period is the period starting on—
1st January and ending on 30th June in any year; or
1st July and ending on 31st December in any year.
“Financial year” has the meaning given in section 25(2) of the 2011 Act.
Annotations
Commencement
- I1
Reg. 9 in force at 1.4.2015 in accordance with reg. 1(1)
Footnotes
- f1
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The Office of Budget Responsibility is established by section 3 of the 2011 Act.
- f2
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A copy of the report can be requested via [email protected] or the Department of Health, Richmond House, 79 Whitehall, London SW1A 2NS and is available at http://budgetresponsibility.org.uk/ .