Paragraph 8 InterestF1

(1)

This paragraph applies where an eligible person has been notified—

(a)

of an amount of the levy that is payable, and

(b)

the time by which the amount must be paid.

(2)

Interest is payable, at the rate mentioned in sub-paragraph (3), on any part of the amount mentioned in sub-paragraph (1)(a) which remains unpaid after the time mentioned in sub-paragraph (1)(b).

(3)

The rate mentioned in this sub-paragraph is the rate equivalent to an annual percentage rate of 4% above the benchmark rate.

(4)

The “benchmark rate” is—

(a)

the percentage rate announced from time to time by the Monetary Policy Committee of the Bank as the official dealing rate, or

(b)

where an order under section 19 (Treasury reserve powers) is in force, any equivalent percentage rate determined by the Treasury under that order.

(5)

The Treasury may by regulations amend this paragraph so as to change the rate of interest payable on an unpaid amount of the levy.

Annotations

Textual amendments

F1: Sch. 2ZA inserted (1.1.2024 for specified purposes, 1.3.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), ss. 70(4), 86(3); S.I. 2023/1382, reg. 9(1)(c); S.I. 2024/250, reg. 2(b)