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Neighbourhood Planning Act 2017

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Changes over time for: Section 25

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Point in time view as at 27/04/2017. This version of this provision is prospective. Help about Status

Changes to legislation:

Neighbourhood Planning Act 2017, Section 25 is up to date with all changes known to be in force on or before 17 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Prospective

25Interest on advance payments of compensation paid lateE+W

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(1)If an acquiring authority is required by section 24(2) to make an advance payment of compensation but pays some or all of it after the day or (as the case may be) the end of the period specified in section 24(6), the authority must pay interest on the amount which is paid after that period (the “unpaid amount”).

(2)Interest under subsection (1) accrues on the unpaid amount for the period beginning with the day after the day or (as the case may be) the end of the period specified in section 24(6).

(3)If the total amount of any advance payment made under section 24 is greater than the compensation as finally determined or agreed (the “actual amount”), the claimant must repay any interest paid under this section that is attributable to the amount by which the advance payment exceeded the actual amount.

(4)The Treasury must by regulations specify the rate of interest for the purposes of subsection (1).

(5)Regulations under subsection (4) may contain further provision in connection with the payment of interest under subsection (1).

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