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Article 10 Particulars of interest ordered to be paid as directed in judgment or order

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

(1)

Where interest is directed by an order to be paid on any sum in court, the payment schedule shall state:—

(i)

the rate per cent at which interest is payable;

(ii)

the date from which and, if known, the date to which interest is to be calculated;

(iii)

whether the interest should be paid with or without deduction of income tax; and

(iv)

the amount of such interest, if ascertainable when the payment schedule is drawn up.

(2)

If the amount of interest cannot be stated in the payment schedule, then either:—

(i)

the schedule shall direct that the amount be ascertained and certified by a Master; or

(ii)

the party having carriage of the order shall agree in writing with the Accountant General the amount of interest.

(3)

Whenever interest is required to be calculated for a period which is, or includes, a period of less than a year, the interest shall be calculated on a daily basis in respect of that period.