Explanatory note

These Regulations provide for the payment of interest in certain cases in which, in consequence of an alteration to a valuation list compiled under Part III of the Local Government Finance Act 1988 (non-domestic rating), an amount falls to be repaid or credited by a charging authority or the Secretary of State.

Regulation 3 prescribes the circumstances in which interest is payable and, in certain cases, the time at which payment is to be made.

Regulation 4 provides how rates of interest are to be determined. Regulation 5 specifies the way in which interest is to be calculated except where regulation 6 applies.

Regulation 6 makes special provision for certain cases in which a valuation officer applies to a valuation and community charge tribunal or appeals to the Lands Tribunal in respect of a decision or order requiring the alteration of a local or central non-domestic rating list.