75_2017 — Interest Rate Regulation

s. 1 — Interest rate

s. 1(1)

For the purposes of sections 8 (2) and 9 (2) of the Land Tax Deferment Act, the interest rate,

s. 1(1)(a)

for the 6-month period beginning April 1 in every year, is 2% below the prime lending rate of the principal banker to the government on December 15 of the preceding year, and

s. 1(1)(b)

for the 6-month period beginning October 1 in every year, is 2% below the prime lending rate of the principal banker to the government on June 15 of that year.

s. 1(2)

For the purposes of sections 8 (3.1) and 9 (5) of the Land Tax Deferment Act, the interest rate,

s. 1(2)(a)

for the 6-month period beginning April 1 in every year, is the prime lending rate of the principal banker to the government on December 15 of the preceding year, and

s. 1(2)(b)

for the 6-month period beginning October 1 in every year, is the prime lending rate of the principal banker to the government on June 15 of that year.

s. 2 — Interest for 2026 and subsequent years

s. 2(1)

For the purposes of sections 8 (3.3) and 9 (7) of the Land Tax Deferment Act, the interest rate, during each successive 3-month period beginning on January 1, April 1, July 1 and October 1 in every year, is 2% above the prime lending rate of the principal banker to the government on the 15th day of the month immediately preceding the 3-month period.

s. 2(2)

Interest must be

s. 2(2)(a)

compounded monthly, and

s. 2(2)(b)

calculated on the number of days since the last compounding of interest or, if no compounding has yet occurred, since the interest commencement date.