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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Regulations)

These Regulations prescribe the formula to be applied in calculating the redemption price of rentcharges and other rents in England.

The formula uses the published “over 30 not over 30.5 year” National Loans Fund interest rate (this provides the value for “Y” in the prescribed formula). National Loans Fund interest rates are published on the UK Debt Management Office website at www.dmo.gov.uk. The interest rates are published as percentage rates and need to be converted into decimal fractions (divided by 100) before they can be used in the prescribed formula.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sectors is foreseen.

The Explanatory Memorandum is published alongside the instrument on www.legislation.gov.uk.