Regulation 2 Interpretation

In these Regulations—

• “alcohol duty” has the meaning given in section 47 of the Finance (No. 2) Act 2023 (alcohol duty: charge)^f1;

• “Bank of England rate” means the official bank rate as announced at the relevant meeting;

• “operative date” means the 13th working day following the relevant meeting;

• “relevant meeting” means the most recent meeting of the Monetary Policy Committee of the Bank of England^f2;

• “repayment interest rate” means the rate of interest applicable for the purposes of Parts 2 and 3 of Schedule 3 to the Finance Act 2001 (interest payable on repayments etc.)^f3 for the purposes of alcohol duty;

• “working day” means any day other than a Saturday, a Sunday, Christmas Day, Good Friday or a day that is a bank holiday under the Banking and Financial Dealings Act 1971^f4 in any part of the United Kingdom.