Interest rate

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

(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

(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.

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

(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

(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.