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Electoral Administration Bill

moved Amendment No. 109:"Page 66, line 25, at end insert—" ““(   )   Where interest is rolled up under such a transaction, this does not constitute a new regulated transaction for the purposes of this Part.”” The noble Lord said: My Lords, this amendment was also intended to extract from the Government a view of the law. The issue is whether interest that is rolled up on a loan, rather than taken as interest on a regular monthly or three-monthly basis, would give rise to a fresh transaction. As I recall, the response of the noble and learned Lord the Lord Chancellor in Committee was that if a loan transaction had taken place before the Bill became an Act, and if there was an express provision about roll-up in the agreement, then the Bill would not catch any roll-up that took place when it took effect as an Act. The noble and learned Lord seemed less sure about a situation in which a loan agreement was concluded before the Act took effect but there was no mention one way or other of interest being rolled up. That was a matter to which the noble and learned Lord was going to give consideration—which is why I have tabled the amendment again. I beg to move.