Section 8 Rates of grant

Subject to paragraph 9 of this Scheme (maximum amount of grant), the rates of grant payable under this Scheme shall be as set out in sub-paragraphs (2) to (5) of this paragraph.

The rate of grant in respect of a vessel under 24 metres in length shall be 30 per cent of the expenditure approved by the Ministers.

Subject to sub-paragraph (4) of this paragraph, the rate of grant in respect of a vessel between 24 metres and 33 metres in length inclusive shall be 30 per cent of the expenditure approved by the Ministers.

The rate of grant in respect of a vessel between 24 metres and 33 metres in length inclusive shall be 20 per cent of the expenditure approved by the Ministers where the applicant for grant under this Scheme has received financial assistance from the European Economic Community in respect of that vessel under Title II or III of Council Regulation (EEC) No. 4028/86 on Community measures to improve and adapt structures in the fisheries and aquaculture sector^f1 at the rate specified in Annex II to that Regulation in respect of Northern Ireland or the West of Scotland.

The rate of grant in respect of a vessel over 33 metres in length shall be 10 per cent of the expenditure approved by the Ministers.