(1)The rate of interest on any compensation in respect of the compulsory acquisition of an interest in any land on which entry has been made before the payment of the compensation shall (instead of being the rate of five per cent. specified under section eighty-five of the M1Lands Clauses Consolidation Act 1845) be such rate as may from time to time be prescribed by regulations made by the Treasury.
(2)Any such regulations shall be made by statutory instrument, which shall be subject to annulment in pursuance of a resolution of either House of Parliament.
[F1(3)This section does not apply in relation to additional compensation payable under Schedule 2A.]
Subordinate Legislation Made
P1S. 32: for previous exercises of this power, see Index to Government Orders.
P2S. 32(1): power exercised (3.12.1991) by S.I.1991/2732.
Textual Amendments
F1S. 32(3) inserted (31.3.2024 for W. for specified purposes, 30.4.2024 for E.) by Levelling-up and Regeneration Act 2023 (c. 55), ss. 190(2)(b), 255(7) (with s. 247); S.I. 2024/92, reg. 4 (with reg. 6(6)); S.I. 2024/389, reg. 2(l)
Modifications etc. (not altering text)
C1S. 32 applied with modifications by Agriculture (Miscellaneous Provisions) Act 1968 (c. 34), s. 13(3), Sch. 3 paras. 4, 5(a)
C2S. 32 applied (25.9.1991, subject to the restrictions referred to in S.I. 1991/2067, art. 4, Sch. 2 Pt. I) by Land Compensation Act 1973 (c. 26, SIF 28:1), s. 52A(8)(a) (as inserted by Planning and Compensation Act 1991 (c. 34, SIF 28:1), s. 63(2)); S.I. 1991/2067, arts. 3, 4)
S. 32 applied (25.9.1995) by S.I. 1995/2248, art. 5(3)
C3S. 32 applied (1.1.2017) by The Environmental Permitting (England and Wales) Regulations 2016 (S.I. 2016/1154), reg. 1(1), Sch. 5 para. 8(1) (with regs. 1(3), 77-79, Sch. 4)
C4S. 32 applied (30.11.2017) by The Conservation of Habitats and Species Regulations 2017 (S.I. 2017/1012), regs. 1(2), 30(7)
C5S. 32 applied (30.10.2019) by The Northampton Gateway Rail Freight Interchange Order 2019 (S.I. 2019/1358), art. 1, Sch. 13 Pt. 2 para. 5(6) (with Sch. 13 Pt. 1 para. 19)
Marginal Citations