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Public Works Act 1981

Compensation - The award

94: Interest on compensation money

You could also call this:

“Extra money added to your payment for giving up your property”

The Land Valuation Tribunal can decide to add interest to the money they award you. They can do this for all or part of the money, and for all or part of the time between when you leave your property (or a specified date, whichever is later) and when they make their decision. The interest is calculated using Schedule 2 of the Interest on Money Claims Act 2016. The Tribunal will make sure the interest they add isn’t more than what this schedule allows.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM46942.

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"Who pays if you stop or change your mind about asking for money"

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95: Finality of award and enforcement, or

"The decision on payment is final, but getting the money might take extra steps"

Part 5 Compensation
The award

94Interest on compensation money

  1. The Land Valuation Tribunal may, if it thinks fit, order that there be included in the sum of any award interest, calculated in accordance with (or on a basis that ensures it does not exceed interest calculated in accordance with) Schedule 2 of the Interest on Money Claims Act 2016, on the whole or any part of the award for the whole or any part of the period between the specified date or, where appropriate, the date on which the claimant gives vacant possession of the land (whichever is later) and the date of making of the award.

Notes
  • Section 94: amended, on , by section 29 of the Interest on Money Claims Act 2016 (2016 No 51).