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Regulation 8 Amendment of schedules of instalments for principal authorities

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Interest payable under regulation 7 in respect of an amount outstanding shall be calculated at the rate which is 2 per cent above the highest base rate quoted by members of the Committee of London and Scottish Bankers at any time in the period for which that interest is payable.

(2)

The interest shall be paid at the same time as the amount outstanding is paid.