# The Community Legal Service (Financial) (Amendment No. 3) Regulations 2001, Regulation 22: Contributions


For regulation 53(3) there shall be substituted:
“(3) Where interest is payable by the client under regulation 52:
(a) it shall run from the date when the charge is first registered;
(b) the applicable rate shall be:
(i) 8% per annum until 31st March 2002;
(ii) thereafter, 1 percentage point above the Bank of England base rate current on 1st April 2002;
(c) subject to sub-paragraph (d), the applicable rate shall be varied on 1st April of each subsequent year so that it remains at the rate of 1 percentage point above the Bank of England base rate then current;
(d) the variation set out in sub-paragraph (c) shall take place only if the application of the new base rate has the effect of varying the base rate previously applicable by 1 percentage point or more; and
(e) the capital on which it is calculated shall be the lesser of:
(i) the amount of the statutory charge outstanding from time to time, less any interest accrued by virtue of regulation 52(3), or
(ii) the value of the property recovered at the time of such recovery, less the amount of any exemption under regulation 44(1)(d) which would apply were the amount of the charge to be paid.”.

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Source: https://www.legislation.gov.uk/uksi/2001/3663/regulation/22 (the official version)
Page: https://openlegislation.uk/community-legal-service-financial-amendment-no-3-regulations-2001/regulation-22
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.