2014 No. 194
The Land Register of Scotland (Rate of Interest on Compensation) Regulations 2014
Made
Coming into force
The Scottish Ministers make the following Regulations in exercise of the powers conferred by sections 79(4), 84(7) and 95(4) of the Land Registration etc. (Scotland) Act 20121 and all other powers enabling them to do so.
In accordance with section 116(3)(g), (h) and (i) of that Act, a draft of these Regulations has been laid before and approved by resolution of the Scottish Parliament.
Citation and commencement1
These Regulations may be cited as the Land Register of Scotland (Rate of Interest on Compensation) Regulations 2014 and come into force on 8th December 2014.
Interest2
1
The rate of interest payable by virtue of sections 79(2), 84(5) and 95(2) of the Land Registration etc. (Scotland) Act 2012 is 1 per cent above the Bank of England base rate.
2
In this regulation “Bank of England base rate” means—
a
except where sub-paragraph (b) applies, the rate announced from time to time by the Monetary Policy Committee of the Bank of England as the official dealing rate, being the rate at which the Bank is willing to enter into transactions for providing short term liquidity in the money markets; or
b
if an order under section 19 (reserve powers) of the Bank of England Act 19982 is in force, any equivalent rate determined by the Treasury under that section.
(This note is not part of the Regulations)