Explanatory note

These Regulations provide for the payment of interest in certain cases where a rating authority in Scotland makes, or has since 1st April 1990 made, a repayment of rates, following on an overpayment in error or in consequence of the entry on to a valuation roll of a valuation which has subsequently been reduced.

Regulation 3 prescribes the circumstances in which interest is payable. Regulations 4 to 6 provide rules for calculating the amount of interest payable, depending on when the repayment in question was made. Regulation 7 enables a rating authority to recover interest paid in cases where they are recovering the principal sum which gave rise to that interest.