A change in accounting practice moving interest due to the year accrued did not affect average rate of interest to calculate housing revenue: ‘The words ‘payable on’ plainly do not refer to ‘the average rate.’ One cannot pay an average rate: one can only pay real interest, at whatever the appropriate rate may be. Equally, one cannot pay real interest upon a weighted average of borrowings. One can only pay interest upon real borrowings.’
Judges:
Lord Browne-Wilkinson, Lord Nolan, Lord Hoffmann, Lord Clyde, Lord Hutton
Citations:
Times 13-Mar-1998, [1998] 1 WLR 615, (1998) 28 HLR 321, [1998] UKHL 10, [1998] 1 All ER 937
Links:
Statutes:
Local Government and Housing Act 1989 Sch 4 Part II Item 8
Jurisdiction:
England and Wales
Cited by:
Cited – London Borough of Lambeth, Regina (on the Application Of) v Secretary of State for Work and Pensions Admn 20-Apr-2005
The authority had received too much by way of housing benefit subsidy in 1991 and 1992, having failed to refer rents to rent officers. It now challenged the decision of the respondent to recover the overpayment by deductions from future payments. . .
Lists of cited by and citing cases may be incomplete.
Local Government
Updated: 31 May 2022; Ref: scu.158941