THE NON-DOMESTIC RATING (PAYMENT OF INTEREST) (SCOTLAND)
REGULATIONS 1992: INTEREST RATE FOR 2002-03
This circular is also available as a PDF document
Finance and Central Services Department
Local Government Finance & Performance Division
Finance Circular No. 3/2002
Chief Executives, Scottish Local Authorities
Copy to: Directors of Finance
Heads of Revenue Departments
| Victoria Quay Edinburgh EH6 6QQ Telephone: 0131-244 7003 Fax: 0131-244 7582 Lynne.carter@scotland.gsi.gov.uk http://www.scotland.gov.uk Your ref: Our ref: ZCB 4/2/2002 ZCF 26/1 19 March 2002 |
Dear Sir/Madam
THE NON-DOMESTIC RATING (PAYMENT OF INTEREST) (SCOTLAND)
REGULATIONS 1992: INTEREST RATE FOR 2002-03
1. I am directed by the Scottish Ministers to draw your attention to the interest rate to be applied for 2002 03 in calculating the interest due when repaying overpaid rates following alterations to the valuation roll.
2. The appropriate rate is set by regulation 4(2) of the above Regulations at 1% below the bank base rate on the preceding 15 March. The relevant base rate on that date was 4% so the interest rate to be applied from 1 April 2002 to 31 March 2003 will be 3%.
3. The rates of interest on overpayments in respect of previous years remain at 5.75% for 1995 96; 5% for 1996 97; 5% for 1997 98; 6.25% for 1998 99; 4.5% for 1999 2000, 5% for 2000 01, and 4.75% for 2001-02.
THE BENEFICIAL PORTION OF NON-DOMESTIC RATES IN RESPECT OF ACCREDITED DIPLOMATIC MISSIONS AND CERTAIN INTERNATIONAL ORGANISATIONS
4. A recommendation has been made to The Paymaster General and forwarded to the Secretary of State for the Beneficial Portion in respect of accredited Diplomatic Missions and some International Organisations to remain at the present level of 6% for the period 1 April 2000 to 31 March 2005. We have been notified this has been accepted.
5. This Circular has been copied to the Director of Finance and the Head of Revenues.
6. Any enquiries about this Circular should be directed to me at the above address.
Yours faithfully
Lynne Carter
LYNNE CARTER