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Report No. 63

6.3. Provision in English Act (as amended in 1969) as to ordering different rate of interest.-

We may now refer to another point which is relevant to the rate of interest. In England, the following provision1 has recently been added in section 3 of the Act of 1934:

"(1B) Any order under this section2 may provide for interest to be calculated at different rates in respect of different parts of the period for which interest is given, whether that period is the whole or part of the period mentioned in sub-section (1) of this section."

We have considered the need for making a similar provision, but have come to the conclusion that it is not necessary. Such a discretion may be said to be implicit in the formula employed in section 1, and an express provision is not needed.

1. Section 22, Administration of Justice, 1967 (c. 58).

2. For the Act of 1934, see para. 5.2, supra.

Interest Act, 1839 Back

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