Interest on Money Claims Act 2016

Schedule 2 Calculation of interest for amounts under other enactments

s 28

1 Purpose

The purpose of this schedule is to—

(a)

recognise that various enactments provide for interest on certain amounts of money to be calculated on the same basis as that on which interest would be calculated on a money claim in civil proceedings; and

(b)

provide for standard provisions for calculating interest, using the Internet site calculator, to apply for the purposes of those enactments.

2 Application

This schedule applies if an enactment (the relevant enactment) provides for interest to be calculated in accordance with this schedule.

3 Calculation of interest

(1)

Sections 12 to 16 apply to the calculation of interest for the purposes of a relevant enactment, as if it were interest awarded under section 10, with the modifications set out in subclause (2).

(2)

For the purposes of applying sections 12 to 16 under subclause (1),—

(a)

the following terms have the following meanings:

initial amount means the amount of money on which interest for a period is to be calculated under the relevant enactment

interest rate has the same meaning as in section 12(3)

judgment debt means the initial amount together with interest payable under the relevant enactment

last day means the last day of the period for which interest is payable under the relevant enactment

start date means the first day of the period for which interest is payable under the relevant enactment; and

(b)

clause 4 applies in place of section 13(4); and

(c)

all other necessary modifications must be made.

4 Discretion if error in Internet site calculator

(1)

An adjudicating body, on an application made within the permitted time by a person by whom or to whom interest is payable under the relevant enactment, may make such orders as it considers just if it is satisfied that the Internet site calculator has not allowed interest to be calculated in accordance with section 13(2), resulting in an error in the interest payable.

(2)

In this clause,—

adjudicating body means—

(a)

the body specified in the relevant enactment for the purposes of this clause; or

(b)

if paragraph (a) does not apply, the body that ordered the payment of the interest under the relevant enactment; or

(c)

if neither paragraph (a) nor (b) applies, the District Court

permitted time means—

(a)

the time specified in the relevant enactment for the purposes of this clause; or

(b)

if paragraph (a) does not apply, the time specified by the adjudicating body; or

(c)

if neither paragraph (a) nor (b) applies, the time permitted by the rules of court.