Section 40 Rate of interest after entry on land.C2C1P1
Scotland
The rate of interest on any compensation in respect of the compulsory acquisition of an interest in any land on which entry has been made before the payment of the compensation shall (instead of being the rate of five per cent. specified under section 84 of the M1Lands Clauses Consolidation (Scotland) Act 1845) be such rate as may from time to time be prescribed by regulations made by the Treasury.
Any such regulations shall be made by statutory instrument, which shall be subject to annulment in pursuance of a resolution of either House of Parliament.
Annotations
Marginal citations
- M1
Modifications
- C1
S. 40 modified (25.9.1991) by Agricultural Holdings (Scotland) Act 1991 (c. 55, SIF 2:3), ss. 57(4), 89(2), Sch. 8 para. 6(c)(with s. 45(3), Sch. 12 para. 3)
- C2
S. 40 applied with modifications by Agriculture (Miscellaneous Provisions) Act 1968 (c. 34), s. 14(3), Sch. 4 paras. 4, 5(c)
Subordinate legislation made
- P1
S. 40: for previous exercises of this power, see Index to Government Orders
- P2
S. 40(1): s. 40(1) power exercised (30.12.1991) by S.I.1991/2733