Robert Neill – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Robert Neill on 2016-09-06.

To ask Mr Chancellor of the Exchequer, what steps he plans to take in relation to SI 1995 No. 2262 to ensure that the interest rate on late payments of compensation in relation to compulsory purchase does not become negative.

Mr David Gauke

The Treasury has been working closely with the Department for Communities and Local Government to prepare a new Statutory Instrument to amend the Acquisition of Land (Rate of Interest after Entry) Regulations 1995. The new Statutory Instrument introduces a 0% floor for the interest rate on compensation paid after entry. The Statutory Instrument was laid on 7 September and will come into effect before the next reference day on 30 September 2016.