(1)The Lord Chancellor may by order made with the concurrence of the Treasury provide that any sums to which this subsection applies shall carry interest at such rate and between such times as may be prescribed by the order.
(2)The sums to which subsection (1) applies are—
(a)sums payable under judgments or orders given or made in [F1the county court] , including sums payable by instalments; and
(b)sums which by virtue of any enactment are, if the county court so orders, recoverable as if payable under an order of that court, and in respect of which the county court has so ordered.
(3)The payment of interest due under subsection (1) shall be enforceable as a sum payable under the judgment or order.
(4)The power conferred by subsection (1) includes power—
(a)to specify the descriptions of judgment or order in respect of which interest shall be payable;
(b)to provide that interest shall be payable only on sums exceeding a specified amount;
(c)to make provision for the manner in which and the periods by reference to which the interest is to be calculated and paid;
(d)to provide that any enactment shall or shall not apply in relation to interest payable under subsection (1) or shall apply to it with such modifications as may be specified in the order; and
(e)to make such incidental or supplementary provisions as the Lord Chancellor considers appropriate.
(5)Without prejudice to the generality of subsection (4), an order under subsection (1) may provide that the rate of interest shall be the rate specified in section 17 of the M1Judgments Act 1838 as that enactment has effect from time to time.
F2[(5A)The power conferred by subsection (1) includes power to make provision enabling [F1the county court] to order that the rate of interest applicable to a sum expressed in a currency other than sterling shall be such rate as the court thinks fit (instead of the rate otherwise applicable).]
(6)The power to make an order under subsection (1) shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament.
Textual Amendments
F1Words in ss. 36-147 substituted (22.4.2014) by Crime and Courts Act 2013 (c. 22), s. 61(3), Sch. 9 para. 10(1)(b); S.I. 2014/954, art. 2(c) (with art. 3) (with transitional provisions and savings in S.I. 2014/956, arts. 3-11)
F2S. 74(5A) inserted (1.11.1996) by 1995 c. 42, s.2; S.I. 1996/2515, art.2
Modifications etc. (not altering text)
C1S. 74: power to exclude conferred (26.4.1999) by S.I. 1998/3132, rule 47.8(3)(ii), 47.14(5)(ii)
C2S. 74 applied (with modifications) (1.7.2013) by The Tribunal Procedure (First-tier Tribunal) (Property Chamber) Rules 2013 (S.I. 2013/1169), rules 1(1), 13(8) (with rule 2)
C3S. 74 applied (with modifications) by S.I. 2010/2600, rule 51A (as inserted (1.7.2013) by The Tribunal Procedure (Amendment No. 3) Rules 2013 (S.I. 2013/1188), rules 1, 8 (with rule 10))
Marginal Citations