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Land Compensation Acts 1961 And 1973

Volume 33: debated on Tuesday 7 December 1982

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asked the Chancellor of the Exchequer if he will seek to amend the provisions for the payment of interest on claims under the Land Compensation Acts 1961 and 1973 so as to provide for the payment of compound rather than simple interest; and if he will make a statement.

No. The practice of paying simple rather than compound interest on debts under the Land Compensation Acts is consistent with practice elsewhere in Government, and is also the rule when interest on debts is awarded by the courts. This follows the views expressed by the Law Commission in its report on interest—Cmnd. 7229.