Town and Country Planning Act 1954

14 Payments to be made by Central Land Board

(1) Subject to the provisions of this section, where a person is entitled to a payment in accordance with the preceding provisions of this Part of this Act, the Central Land Board shall pay to that person the principal amount of the payment together with interest thereon at the rate of three and one-half per cent. per annum from the first day of July, nineteen hundred and forty-eight, to the date of payment:

Provided that if the payment is made after the thirtieth day of June, nineteen hundred and fifty-five, the interest shall be calculated to that day instead of the date of payment.

(2) Where apart from this subsection a person would be entitled to a payment in accordance with the preceding sections of this Part of this Act, the Central Land Board may set off against the principal amount of that payment—

(a) any sum which, at the time when (apart from this subsection) that payment would be due to be made, is owing to the Board by that person in respect of a development charge ; and

(b) any sum which is then due to become payable by that person in the future in respect of a development charge,

or, where the aggregate of any such sums is greater than the principal amount of the payment, a part thereof equal to that principal amount; and the principal amount of the payment to be made to that person shall for the purposes of the preceding subsection be treated as reduced accordingly, or, if the sums or parts of sums set off are equal to the principal amount of the payment which would have been payable apart from this subsection, the right of that person to receive any payment under the preceding subsection shall be extinguished:

Provided that for the purposes of paragraph (a) or (b) of this subsection so much of any such sum therein mentioned as is attributable to interest shall be disregarded.

(3) Where the Board are satisfied that (apart from the last preceding subsection) a person would have been entitled to a payment in accordance with the preceding sections of this Part of this Act if he had applied for that payment within the period prescribed under the last preceding section, then, if that person has failed to apply for the payment within that period or within any extended period allowed under the last preceding section, the Board may determine the principal amount of the payment to which he would have been so entitled, and the last preceding subsection shall apply as if he had become so entitled to the payment and the principal amount thereof had been the principal amount determined under this subsection.