(1) The title of this Order is the Listed Buildings (Urgent Works) (Interest Rate on Expenses) (Wales) Order 2017 and it comes into force on 31 May 2017.
(2) This Order applies to Wales.
S.I. 2017/640 (W.)
The Listed Buildings (Urgent Works) (Interest Rate on Expenses) (Wales) Order 2017 (S.I. 2017/640 (W.))
Section 54 of the Planning (Listed Buildings and Conservation Areas) Act 1990 (βthe 1990 Actβ) enables a local authority or the Welsh Ministers to execute works which appear to them to be urgently necessary for the preservation of listed buildings.
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(1) The rate of interest carried by expenses which a local authority or the Welsh Ministers may recover under section 55(5B) of the Planning (Listed Buildings and Conservation Areas) Act 1990 is 2% per annum above the Bank of England base rate.
(2) In paragraph (1) , βBank of England base rateβ (β cyfradd sylfaenol Banc Lloegr β) for any particular day meansβ
(a) except where sub-paragraph (b) applies, the rate as last announced at a meeting of the Monetary Policy Committee of the Bank of England held prior to that day 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 1998 is in force, any equivalent rate determined by the Treasury under that section.
Cite this legislation
- Official citation
- S.I. 2017/640 (W.)
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- legislation.gov.uk
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- Licence
- OGL-3 β
The Listed Buildings (Urgent Works) (Interest Rate on Expenses) (Wales) Order 2017 (legislation.gov.uk, OGL-3). Retrieved via LawPlayer, https://lawplayer.com/uk/act/wsi-2017-640
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